Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (29,677,000) $ (1,708,000)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Change in fair value of derivative liability (21,000) 0
Stock based compensation - consultants and research and development 9,807,000 0
Stock based compensation - officers and board of directors 14,296,000 0
Convertible notes payable issued for consulting services 720,000 0
Changes in Operating Assets and Liabilities:    
Prepaid expenses 276,000 63,000
Accounts payable and accrued liabilities 219,000 784,000
Accrued interest 696,000 638,000
Net cash used in operating activities (3,684,000) (223,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 24,679,000 0
Proceeds from exercise of warrants 58,000 0
Proceeds from notes payable 1,205,000 200,000
Net cash provided by financing activities 25,942,000 200,000
Net increase (decrease) in cash 22,258,000 (23,000)
Cash at beginning of period 5,297,000 28,000
Cash at end of period 27,555,000 5,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Common stock issued upon conversion of notes payable and accrued interest 38,806,000 162,000
Extinguishment of unamortized debt discount and adjustment to accumulated deficit upon adoption of ASU 2020-06 4,519,000 0
Convertible notes payable issued for consulting services $ 1,525,000 $ 0