What changed in this filing

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Item 7. Management’s Discussion and Analysis

2023-03-01 compared with 2022-03-07 · 36 added, 106 removed, 200 unchanged (42% of the section changed)

11 unchanged sentences

for the Year Ended December 31, 2022 and December 31, 2021

following table sets forth information from the Company’s statements of operations for the years ended December 31, 2021 and 2020.

following table sets forth information from our statements of operations for the years ended December 31, 2022 and 2021:

December 31, 2022

December 31, 2021

Revenues, net

Cost of goods sold

Operating expense

Operating expenses

Operating loss

Non-operating expense

Non-operating income (expense)

$ (2,470,161 )

$ (2,527,766 )

and Cost of Goods Sold

had $14,887 in revenues for the year ended December 31, 2021, compared to $7,000 in revenue for the year ended December 31, 2020, a period

over period increase of $7,887.

These revenues are reflected net of discounts relate to consulting income with respect to the IsoPet ®

had $12,000 in cost of goods sold for the year ended December 31, 2021, compared to $5,608 in cost of goods sold for the year ended December

31, 2020, a period over period increase of $6,392.

The increase was a result of the Company’s recognition of their sales for IsoPet®.

was $36,499 and $14,887 for the year ended December 31, 2022 and 2021, respectively.

All revenue recognized in the years ended December

31, 2022 and 2021 relate to consulting income with respect to the IsoPet ® therapies.

does not anticipate that the Company will generate sufficient revenue to sustain operations until such time as the Company secures multiple

revenue-generating arrangements with respect to RadioGel™ and/or any of our other brachytherapy technologies.

expenses for the years ended December 31, 2021 and 2020 consisted of the following:

expenses for the years ended December 31, 2022 and 2021, respectively consists of the following:

December 31, 2022

December 31, 2021

Professional fees

RSUs, stock options and warrants consideration

Payroll expense

Professional fees, including stock-based compensation

Payroll expenses

Research and development

General and administrative expense

General and administrative expenses

Total operating expenses

expenses for the years ended December 31, 2022 and 2021 was $2,525,469 and $2,504,685, respectively.

2 unchanged sentences

for the year ended December 31, 2021) as the Company utilized more services due to amending their Regulation A+ and the fees incurred

for the consultants engaged;

the increase in general and administrative expense ($109,033 for the year ended December 31, 2020 versus

$112,037 for the year ended December 31, 2021);

the increase in research and development ($84,668 for the year ended December 31, 2020

versus $286,848 for the year ended December 31, 2021) as the Company ramped up the development of their products with the recent raising

of capital, an increase in payroll expenses ($234,094 for the year ended December 31, 2020 versus $267,477 for the year ended December

31, 2021) related to the deferred compensation criteria in the CEOs employment contract taking effect, and an increase in stock-based

compensation related to RSUs granted to consultants ($2,176 for the year ended December 31, 2020 versus $1,614,000 for the year ended

December 31, 2021).

for the consultants engaged in 2021 including stock-based compensation;

the increase in general and administrative expense ($151,111

for the year ended December 31, 2022 versus $112,037 for the year ended December 31, 2021);

the increase in research and development

($343,802 for the year ended December 31, 2022 versus $286,848 for the year ended December 31, 2021) as the Company ramped up the development

of their products with the recent raising of capital, and an increase in payroll expenses ($275,240 for the year ended December 31, 2022

versus $267,477 for the year ended December 31, 2021) related to the CEOs employment contract taking effect.

Non-Operating

1 unchanged sentence

Non-operating

income (expense) for the years ended December 31, 2021 and 2020 consisted of the following:

income (expense) for the years ended December 31, 2022 and 2021, respectively consists of the following:

December 31, 2022

1 unchanged sentence

Interest expense

Loss on debt extinguishment

Forgiveness of debt

Loss on debt extinguishment

Non-operating income (expense)

Non-operating

income (expense) for the year ended December 31, 2022 varied from the year ended December 31, 2021 primarily due to a decrease in interest

expense from $287,471 for the year ended December 31, 2020 to $25,375 for the year ended December 31, 2021 as a result of conversions

expense from $25,375 for the year ended December 31, 2021 to $0 for the year ended December 31, 2022 as a result of conversions and repayments

of notes payable.

The majority of the interest recorded by the Company consists of amortization of debt discount, BCF discount and the

exchange premium resulting in additional shares to the noteholders on conversion.

In addition, the Company converted a note in January

2021 which resulted in a loss on conversion and recognized a gain on forgiveness of debt on old payables as they satisfied the agreement

with this vendor to pay a portion of the payable with the remaining amount forgiven.

Company’s net loss for the years ended December 31, 2021 and 2020 was $2,527,766 and $956,992, respectively, as a result of the

items described above.

In addition, the Company converted a note in January 2021 which resulted in a loss on conversion and recognized a gain

on forgiveness of debt on old payables as they satisfied agreements with vendors to pay a portion of the payable with the remaining amount

forgiven in both 2021 and 2022.

net loss for the years ended December 31, 2022 and 2021 was $(2,470,161) and $(2,527,766), respectively.

and Capital Resources

December 31, 2022, the Company had working capital of $1,661,044, as compared to working capital of $1,467,383 at December 31, 2021.

the year ended December 31, 2021, the Company experienced negative cash flow from operations of $963,819 and realized $1,666,238 of cash

flows from financing activities.

During the year ended December 31, 2022, the Company experienced negative cash flow from operations of $1,120,058 and realized $1,220,000

of cash flows from financing activities.

As of December 31, 2022, the Company did not have any commitments for capital expenditures.

4 unchanged sentences

$1,666,238 for the year ended December 31, 2021 to $1,220,000 for the year ended December 31, 2022.

The cash provided from financing

activities for 2020 was primarily a result of increase in proceeds from the Regulation A+ where the Company raised $1,662,780 from common

stock and warrant issuances, $60,000 from the exercise of stock options, plus proceeds of $150,000 from convertible notes, which $50,000

In 2021, the Company raised $1,811,238 from sales of common stock and warrants offset by repayments of convertible notes

of $50,000 and related party notes of $100,000.

In 2021, the Company raised $1,811,238

from sales of common stock and warrants offset by repayments of convertible notes of $50,000 and related party notes of $100,000.

2022, the Company raise $1,220,000 from sales of common stock and warrants.

Company has generated material operating losses since inception.

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the capital markets, could impact the Company’s ability to obtain financing and its ability to execute its business plan.

Obligations (payments due by period as of December 31, 2021)

Contractual Obligation

License Agreement with Battelle Memorial Institute

March 2012, the Company entered into an exclusive license agreement with Battelle Memorial Institute regarding the use of its patented

RadioGel™ technology.

This license agreement originally called for a $17,500 nonrefundable license fee and a royalty based on a

percent of gross sales for licensed products sold;

the license agreement also contains a minimum royalty amount to be paid each year

starting with 2013.

The license agreement was most recently amended on December 20, 2018, and pursuant to the amendment the maintenance

fee schedule was updated for minimum royalties, as well as the increase in royalties from one percent (1%) to two percent (2%), then

on October 8, 2019 to reduce the fee back to one percent (1%).

Chief Executive Officer currently works from his home office in virtual communication with key personnel.

86 unchanged sentences

in the Company’s financial statements.

For the years ended December 31, 2021 and 2020, the Company did not recognize

any interest or penalty expense related to income taxes.

The Company believes that it is not reasonably possible for the amounts of unrecognized

tax benefits to significantly increase or decrease within the next 12 months.

For the years ended December 31, 2022 and 2021, the Company did not recognize any interest

or penalty expense related to income taxes.

The Company believes that it is not reasonably possible for the amounts of unrecognized tax

benefits to significantly increase or decrease within the next 12 months.

Value of Financial Instruments

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over the respective vesting periods of the option grant.

Liabilities and Beneficial Conversion Feature

Company evaluates its convertible debt, options, warrants or other contracts, if any, to determine if those contracts or embedded components

of those contracts qualify as derivatives to be separately accounted for in accordance with Accounting Standards Codification Topic 815,

Accounting for Derivative Instruments and Hedging Activities (“ ASC 815 ”) as well as related interpretations of this

standard and Accounting Standards Update 2017-11, which was adopted by the Company effective January 1, 2018.

In accordance with this

standard, derivative instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values

with gains or losses recognized in earnings.

Embedded derivatives that are not clearly and closely related to the host contract are bifurcated

and are recognized at fair value with changes in fair value recognized as either a gain or loss in earnings.

result of this accounting treatment is that the fair value of the derivative instrument is marked-to-market each balance sheet date and

with the change in fair value recognized in the statement of operations as other income or expense.

conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise

or cancellation than that the related fair value is removed from the books.

Gains or losses on debt extinguishment are recognized in

the statement of operations upon conversion, exercise or cancellation of a derivative instrument after any shares issued in such a transaction

are recorded at market value.

The classification of derivative instruments, including whether such instruments should be recorded as

liabilities or as equity, is re-assessed at the end of each reporting period.

Equity instruments that are initially classified as equity

that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date.

Instruments that become a derivative after inception are recognized as a derivative on the date they become a derivative with the offsetting

entry recorded in earnings.

Company determines the fair value of derivative instruments and hybrid instruments, considering all of the rights and obligations of

each instrument, based on available market data using the Black-Scholes model, adjusted for the effect of dilution, because it embodies

all of the requisite assumptions (including trading volatility, estimated terms, dilution and risk-free rates) necessary to fair value

these instruments.

For instruments in default with no remaining time to maturity the Company uses a one-year term for their years to

maturity estimate unless a sooner conversion date can be estimated or is known.

Estimating fair values of derivative financial instruments

requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument

with related changes in internal and external market factors.

In addition, option-based techniques (such as Black-Scholes model) are

highly volatile and sensitive to changes in the trading market price of our common stock.

Company accounts for the beneficial conversion feature on its convertible instruments in accordance with ASC 470-20.

The Beneficial Conversion

Feature (“BCF”) is normally characterized as the convertible portion or feature that provides a rate of conversion that is

below market value or in the money when issued.

The Company records a BCF when these criteria exist, when issued.

BCFs that are contingent

upon the occurrence of a future event are recorded when the contingency is resolved.

determine the effective conversion price, the Company first allocates the proceeds received to the convertible instrument, and then use

those allocated proceeds to determine the effective conversion price.

The intrinsic value of the conversion option should be measured

using the effective conversion price for the convertible instrument on the proceeds allocated to that instrument.

accounting for a BCF requires that the BCF be recognized by allocating the intrinsic value of the conversion option to additional paid

in capital, resulting in a discount to the convertible instrument.

This discount should be accreted from the date on which the BCF is

first recognized through the earliest conversion date for instruments that do not have a stated redemption date.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis