Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (15,711,614) $ (26,430,699)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 41,237 51,705
Stock-based compensation expense 1,688,022 1,491,165
Stock issued for purchase of Noachis Terra 8,030,699
Forgiveness of Paycheck Protection Program loan and accrued interest (132,753)
Changes in operating assets and liabilities:    
Other receivables (6,987)
Prepaid expenses and other current assets 508,576 640,749
Accounts payable and accrued expenses 10,554 (603,730)
Net cash used in operating activities (13,470,212) (16,952,864)
Cash flows from investing activities:    
Purchase of property and equipment (43,876)
Net cash used in investing activities (43,876)
Cash flows from financing activities:    
Borrowings under short-term notes payable 132,088
Payments on short-term notes payable (524,980) (329,421)
Redemption of Series C Preferred stock (5,635,672)
Proceeds from issuance of common stock for stock option exercise 363,139
Proceeds from issuance of common stock for warrant exercise 2,261,337 5,182,403
Net proceeds from issuance of common stock 26,676,392 11,339,375
Net cash provided by financing activities 23,140,216 16,324,445
Net increase (decrease) in cash and cash equivalents 9,626,128 (628,419)
Cash and cash equivalents at beginning of the year 17,639,575 18,267,994
Cash and cash equivalents at end of the year 27,265,703 17,639,575
Supplemental disclosure of cash flow information:    
Interest paid 15,756 10,020
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 600,169 413,784
Stock dividend on Series C preferred stock $ 1,117,531 $ 661,458