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, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS    
Revenue $ 0 $ 0
Operating Expenses    
General and administrative 7,490,086 7,158,558
Research and development 669,818 1,366,496
Total Operating Expenses 8,159,904 8,525,054
Other Operating Income    
Distribution from joint venture 0 119,641
Contributed services - research and development 372,612 527,927
Total Other Operating Income 372,612 647,568
Total Operating Loss (7,787,292) (7,877,486)
Other Income    
Interest income 289,435 8,127
Foreign currency transaction gain 0 33,694
Total Other Income 289,435 41,821
Net Loss Before Income Taxes (7,497,857) (7,835,665)
Income taxes 0 0
Net Loss (7,497,857) (7,835,665)
Accumulated Preferred Stock Dividend 0 (477,991)
Additional deemed dividend on preferred stock due to the beneficial conversion feature 0 (213,720)
Deemed dividend upon induced conversions of Series A and Series B Preferred Stock to common stock 0 (3,509,328)
Net Loss Attributable to Common Shareholders $ (7,497,857) $ (12,036,704)
Net Loss Per Common Share    
Basic and diluted $ (0.69) $ (1.71)
Weighted Average Number of Common Shares Outstanding 10,834,574 7,035,510