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, 2019
Dec. 31, 2018
Operating Activities    
Net loss $ (1,252,157) $ (558,965)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liability (4,150)
Interest expense - debt discount 64,800
Amortization - debt discount 5,920 80
Amortization of interest - beneficial conversion feature 5,589
Stock warrants expense 159,961 41,596
Stock options expense 95,567 4,500
Stock-based compensation expense 44,082 20,808
Changes in assets and liabilities:    
Prepaid expenses 3,937 3,006
Accounts payable 22,166 (79,137)
Accrued expenses (1,165) (75,322)
Accrued interest payable 160,772 154,816
Related party payables 72,369 425,994
Stock subscriptions payable 78,353 1,271
Net cash used in operating activities (543,956) (61,353)
Financing Activities:    
Proceeds from notes payable - related parties 186,626 55,300
Proceeds from notes payable - non-related parties 6,000
Proceeds from issuances of common stock - non-related parties 39,000
Proceeds from offering of preferred stock - related parties 1,000,000  
Net cash provided by financing activities 1,225,626 61,300
Net Change In Cash 681,670 (53)
Cash At The Beginning Of The Period 89 142
Cash At The End Of The Period 681,759 89
Schedule Of Non-Cash Investing And Financing Activities:    
Related party payables converted to capital 59,500 28,829
Gain on related party payables converted to capital 575,492
Gain on related party conversion of preferred stock into common stock 1,329,561
Fair value of stock warrants granted 160,544 29,701
Fair value of stock options granted 95,567
Fair value of embedded conversion feature 64,800
Intrinsic value - beneficial conversion feature 5,589 6,000
Exercise of cashless stock warrants 146,774
Research and development prepaid expenses with commons shares 25,800
Supplemental Disclosure:    
Cash paid for interest 3,750
Cash paid for income taxes