Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (39,991,000) $ (22,006,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liability (43,000) 0
Stock based compensation - consultants and research and development 10,458,000 0
Stock based compensation - officers and board of directors 15,450,000 327,000
Convertible notes payable issued for consulting services 720,000 0
Amortization of debt discount 0  
Non-cash interest expense 0 3,970,000
Settlement expense 0 11,206,000
Effect of changes in assets and liabilities:    
Prepaid expenses and other current assets 279,000 3,000
Accounts payable and accrued expenses 537,000 1,165,000
Accrued interest 689,000 0
Net Cash Used in Operating Activities (11,901,000) (5,335,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of investments (26,031,000) 0
Net Cash Used by Investing Activities (26,031,000)  
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 16,433,000 0
Proceeds from issuance of common stock 24,679,000 0
Proceeds from issuance of notes payable 1,205,000 5,657,000
Net Cash Provided by Financing Activities 42,317,000 5,657,000
Net Increase in Cash 4,385,000 322,000
Cash at Beginning of Period 5,297,000 28,000
Cash at End of Period 9,682,000 350,000
Cash paid during the year for:    
Interest 0 69,000
Income taxes paid 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued upon conversion of notes payable and accrued interest 38,799,000 630,000
Extinguishment of unamortized debt discount and adjustment to accumulated deficit upon adoption of ASU 2020-06 $ 4,745,000 $ 0