Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:    
Net loss $ (10,214,721) $ (12,354,930)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 385,464 385,464
Amortization of debt discounts 562,690 2,295,586
(Gain) loss on debt extinguishment 26,125 (245,105)
Change in fair value of derivative liability 0 (1,040,000)
Stock-based compensation expense 2,245,871 3,008,395
Stock issued for professional services 0 864,500
Non-cash interest expense 29,638 0
Non-cash lease expense 55,994 0
Bad debt expense 3,124 0
Changes in assets and liabilities:    
Accounts receivable 1,918 (30,322)
Inventory (127,289) (176,032)
Prepaid expenses 655,507 86,238
Other assets 0 3,148
Accounts payable 382,700 (127,185)
Accrued expenses 334,658 1,037,486
Accrued interest payable (237,564) 217,581
Related party payables (1,887) (80,996)
Operating lease liabilities (30,304) 0
Net cash used in operating activities (5,928,076) (6,156,172)
Financing Activities:    
Proceeds from notes payable - non-related parties 3,000,001 0
Repayments of notes payable - non-related parties (1,323,025) (242,797)
Repayments of notes payable - related parties (1,000,000) 0
Debt issuance costs (537,750) 0
Proceeds from public equity offering 0 10,004,245
Cost of public equity offering 0 (1,309,882)
Proceeds from private equity offering 0 5,997,873
Cost of private equity offering 0 (875,900)
Proceeds from exercise of stock warrants, net 0 3,328,143
Repayments of convertible debenture payable 0 (3,048,781)
Net cash provided by financing activities 139,226 13,852,901
Net Change In Cash (5,788,850) 7,696,729
Cash At The Beginning Of The Period 8,578,997 882,268
Cash At The End Of The Period 2,790,147 8,578,997
Schedule Of Non-Cash Investing And Financing Activities:    
Issuance of common stock and warrants for prepaid services 373,981 0
Non-related party debt converted to capital 341,998 47,500
Operating lease right-of-use assets and liabilities 330,707 0
Financing of prepaid insurance premiums 293,882 (274,589)
Conversion of preferred stock to common stock 30 0
Conversion of common stock to preferred stock 0 30
Deemed dividends related to underwritten public offering warrants down round provision 0 5,005,857
Deemed dividends related to Original Warrants and New Warrant down round provision 0 3,495,583
Derecognition of convertible debenture 0 3,048,781
Reacquisition value of convertible debenture 0 (3,912,781)
Fair value of shares issued for services 0 (719,000)
Exchange of common shares from exercise of stock options 0 38,015
Reclassification of common shares from reverse stock split 0 155
Supplemental Disclosure:    
Cash paid for interest 446,069 30,722
Cash paid for income taxes $ 0 $ 0