Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS    
General and administrative $ 7,133,618 $ 8,312,583
Research and development 1,366,496 891,626
Legal settlement costs 24,940 4,200,000
Patent write-off and impairment loss 0 1,169,644
Total Operating Expenses 8,525,054 14,573,853
Other Operating Income    
Distribution from joint venture 119,641 0
Contributed services - research and development 527,927 72,709
Total Other Operating Income 647,568 72,709
Total Operating Loss (7,877,486) (14,501,144)
Other Income    
Interest income 8,127 83,878
Foreign currency transaction gain 33,694 0
Total Other Income 41,821 83,878
Net Loss Before Income Taxes (7,835,665) (14,417,266)
Income Taxes 0 0
Net Loss (7,835,665) (14,417,266)
Accumulated Preferred Stock Dividend (477,991) (512,953)
Additional deemed dividend on preferred stock due to the beneficial conversion feature (213,720) (222,196)
Deemed dividend upon induced conversions of Series A and Series B Preferred Stock to common stock (3,509,328) 0
Net Loss Attributable to Common Shareholders (12,036,704) (15,152,415)
Net Loss Per Common Share    
Revenue $ 0 $ 0
Basic and diluted $ (1.71) $ (3.59)
Weighted Average Number of Common Shares Outstanding 7,035,510 4,216,568