Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS        
Revenue $ 0 $ 0 $ 0 $ 0
Operating Expenses        
General and administrative 1,439,684 1,515,899 3,353,249 3,298,759
Research and development 165,476 273,314 428,299 642,764
Total Operating Expenses 1,605,160 1,789,213 3,781,547 3,941,523
Other Operating Income        
Distribution from joint venture 0 110,000 0 110,000
Contributed services - research and development 83,501 67,794 206,854 171,113
Total Other Operating Income 83,501 177,794 206,854 281,113
Operating Loss (1,521,659) (1,611,419) (3,574,693) (3,660,410)
Other Income        
Interest income 19,017 1,322 22,522 4,631
Foreign currency transaction gain 0 0 0 33,694
Total Other Income 19,017 1,322 22,522 38,325
Net Loss Before Income Taxes (1,502,642) (1,610,097) (3,552,171) (3,622,085)
Income taxes 0 0 0 0
Net Loss (1,502,642) (1,610,097) (3,552,171) (3,622,085)
Accumulated preferred stock dividend 0 (133,313) 0 (264,747)
Additional deemed dividend on preferred stock due to the beneficial conversion feature 0 (58,408) 0 (115,897)
Net Loss Attributable to Common Stockholders $ (1,502,642) $ (1,801,818) $ (3,552,171) $ (4,002,729)
Net Loss Per Common Share        
Net Loss Per Common Share-Basic and Diluted $ (0.14) $ (0.27) $ (0.34) $ (0.61)
Weighted Average Number of Common Shares Outstanding        
Basic and Diluted 10,523,238 6,595,483 10,403,922 6,592,454