Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (13,162,000) $ (7,597,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation – services 430,000
Stock based compensation - officers, directors, and employees 230,000 1,770,000
Change in fair value of warrant liability (800,000) (4,797,000)
Gain on extinguishment of share settled debt (547,000)
Unrealized gain on short-term investments (48,000)
Changes in operating assets and liabilities:    
Decrease in prepaid expenses (104,000) (21,000)
Change in operating lease right-of-use assets 53,000 112,000
Increase in accounts payable and accrued expenses 937,000 1,962,000
(Decrease) in operating lease liability (58,000) (116,000)
Net Cash Used in Operating Activities (12,904,000) (8,852,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale (Purchase) of short-term investments 12,893,000 (2,009,000)
Net Cash Provided by (Used in) Investing Activities 12,893,000 (2,009,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock and warrants, net 2,976,000 6,268,000
Net Cash Provided by Financing Activities 2,976,000 6,268,000
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash 2,965,000 (4,593,000)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period 1,079,000 5,672,000
Cash and Cash Equivalents and Restricted Cash at End of Period 4,044,000 1,079,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 213,000
Income taxes
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Initial recognition of fair value of warrant liability 5,831,000
Fair value of common stock issued to a vendor to settle accounts payable $ 810,000 $ 702,000