Fona, Inc.

CIK:0000884363|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue
Operating expenses
Research and development	417,450	1,234,215
Salaries and benefits	343,208	369,920
General and administrative	1,253,644	1,273,808
Total operating expenses	2,014,302	2,877,943
Operating loss	(2,014,302)	(2,877,943)
Other income:
Investment income	1,335	604
Employee retention credit	78,000
Loan forgiveness		83,395
Total other income	79,335	83,999
Loss before income taxes	(1,934,967)	(2,793,944)
Income taxes
Net loss	(1,934,967)	(2,793,944)
Preferred stock dividend	(313,293)	(285,568)
Net loss attributable to common stockholders	$ (2,248,260)	$ (3,079,512)
Net loss per common share, basic	$ (0.35)	$ (0.52)
Net loss per common share, diluted	$ (0.35)	$ (0.52)
Weighted average common shares outstanding, basic	6,458,739	5,881,898
Weighted average common shares outstanding, diluted	6,458,739	5,881,898

Condensed and Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (1,934,967)	$ (2,793,944)
Adjustments to reconcile net loss to net cash flows from operating activities
Depreciation and amortization	1,021,493	1,038,816
Stock-based compensation	193,208	219,718
Changes in operating assets and liabilities:
PPP Loan Forgiveness		(83,395)
Employee retention credit	(78,000)
Prepaid expenses	(2,055)	19,965
Accounts payable and accrued expenses	159,374	15,702
Cash flows from operating activities	(640,947)	(1,583,138)
Cash flows from investing activities:
Cash flows from investing activities
Cash flows from financing activities:
Proceeds from issuance of Common Stock	550,000
Proceeds from issuance of Preferred Stock	454,004
Proceeds from issuance of notes payable		1,447,916
Proceeds from EIDL and PPP Loans		133,395
Cash flows from financing activities	1,004,004	1,581,311
Net change in cash	363,057	(1,827)
Cash, beginning of period	214,009	215,836
Cash, end of period	577,066	214,009
Supplemental cash flow information
Preferred stock dividend accrual	$ 313,293	$ 285,568

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 577,066	$ 214,009
Employee retention credit	78,000
Prepaid expenses	43,847	41,792
Total current assets	698,913	255,801
Non-current assets
Property and equipment, net	3,956	18,698
Intangible assets, net	1,650,841	2,657,592
Total non-current assets	1,654,797	2,676,290
Total assets	2,353,710	2,932,091
Current liabilities
Accounts payable and accrued expenses	178,240	18,866
Long-term liabilities
Notes payable	3,743,747	3,743,747
Total liabilities	3,921,987	3,762,613
Total preferred stock subject to possible redemption	4,023,598	3,569,594
Stockholders' deficit
Preferred Stock - accrued dividends	1,835,089	1,521,796
Common Stock, $0.001 par value; 780,000,000 shares authorized, 6,655,232 and 5,881,898 shares issued and outstanding at December 31, 2022 and 2021, respectively	6,655	5,882
Additional paid-in capital	12,378,844	11,949,702
Accumulated deficit	(19,812,463)	(17,877,496)
Total stockholders' deficit	(5,591,875)	(4,400,116)
Total liabilities and stockholders' deficit	2,353,710	2,932,091
Series A-1 Preferred Stock [Member]
Long-term liabilities
Total preferred stock subject to possible redemption	3,029,579	3,029,579
Series A-2 Preferred Stock [Member]
Long-term liabilities
Total preferred stock subject to possible redemption	$ 994,019	$ 540,015