17 unchanged sentences
General and administrative expenses totaled approximately $120,000 for the year ended December 31, 2022 and $142,000 for the year ended December 31, 2021.
−Removed: The increase was due to an increase in legal fees in the current year as compared to prior year.
+Added: The decrease was due to a decrease in legal fees in the current year as compared to prior year.
Related Party Interest Expense
1 unchanged sentence
The increase is due to an increase in the amount of money borrowed from Delfin.
−Removed: Net loss for the year ended December 31, 2021 was approximately $195,000 as compared to a net loss of approximately $164,000 for the year ended December 31, 2020 as a result of increased legal fees.
+Added: Net loss for the year ended December 31, 2022 was approximately $185,000 as compared to a net loss of approximately $195,000 for the year ended December 31, 2021 as a result of decreased legal fees.
Liquidity and Capital Resources
5 unchanged sentences
These reasons raise significant doubt about our ability to continue as a going concern.
−Removed: In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000, in February 2021 to $637,500, in June 2021 to $675,000, in October 2021 to $705,000 and then again in January 2022 to increase the principal amount to up to $750,000 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital.
+Added: In March 2018, the Company executed a Promissory Note with Delfin, which was amended and restated in May 2018 to $150,000, in November 2018 to $350,000, in June 2019 to $465,000, in November 2019 to $554,100, in August 2020 to $600,000, in February 2021 to $637,500, in June 2021 to $675,000, in October 2021 to $705,000, in January 2022 to $750,000, in April 2022 to $791, 000, in June 2022 to $826,000, in September 2022 to $861,000 and then again on December 23, 2022 to increase the principal amount up to $906,000 to pay certain accrued expenses, accounts payable and to allow the Company to have working capital.
+Added: The additional principal amounts associated with the December 23, 2022 note amendment were received on January 4, 2023.
Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable.
8 unchanged sentences
As of December 31, 2022, we had $6,771 in cash as compared to $6,374 as of December 31, 2021.
−Removed: The decrease is due to timing of funding.
−Removed: We receive funding, then deplete prior to receiving more funding.
Net cash flows used in operating activities totaled approximately $156,000 for the year ended December 31, 2022 compared to cash flows used in operating activities of approximately $106,000 for the year ended December 31, 2021.
Net cash flows provided by financing activities totaled approximately $156,000 for the year ended December 31, 2022 compared to approximately $105,000 for the year ended December 31, 2021.
−Removed: The increase was due to the timimg of fundings as we started 2020 with a significantly larger cash balance than we started with 2021.
−Removed: Contractual Obligations
−Removed: As a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act, we have elected scaled disclosure reporting and therefore are not required to provide the table required by (a)(5) of this Item.
Off-Balance Sheet Arrangements
8 unchanged sentences
Certain of our accounting policies require higher degrees of judgment than others in their application.
+Added: The Company does not have any critical accounting policies or estimates.
Impact of Recently Issued Accounting Standards
3 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.