Biorestorative Therapies, Inc. (BRTX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Net cash used in operating activities was $813,701 for the three months ended March 31, 2021, primarily due to cash used to fund the net loss of $15,653,330, which was partially offset by non-cash expenses of $14,522,963 primarily related to stock-based compensation expense and amortization of debt discount and $316,666 of cash provided by changes in the levels of operating assets and liabilities, primarily as a result of increases in accounts payable, accrued expenses and other current liabilities and decreases in accounts receivable, prepaid expenses and other current assets.

For the three months ended March 31, 2022, general and administrative expenses decreased by $10,688,497, or 72%, from $14,896,413 to $4,207,916, as compared to the three months ended March 31, 2021.

Interest expense For the three months ended March 31, 2022, interest expense decreased $152,503, or 84%, as compared to the three months ended March 31, 2021.

During the three months ended March 31, 2022 and 2021, our sources and uses of cash were as follows: Net cash used in operating activities was $1,594,634 for the three months ended March 31, 2022, primarily due to cash used to fund the net loss of $4,816,150 and a non-cash gain of $250,000 on forgiveness of our PPP loan, which were partially offset by non-cash expenses of $3,430,925 related primarily to stock-based compensation and $40,591 of cash provided by changes in the levels of operating assets and liabilities, which was primarily due to increases in accounts payable and accrued expenses and other current liabilities, partially offset by increases in accounts receivable and prepaid and other current assets and a decrease in the lease liability.