Quarterly report pursuant to Section 13 or 15(d)

Schedule of Effect of Restatement on Financial Statements (Details)

v3.23.1
Schedule of Effect of Restatement on Financial Statements (Details) - USD ($)
3 Months Ended 4 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Current assets:                  
Cash and cash equivalents $ 17,867,483       $ 17,867,483 $ 17,867,483   $ 27,265,703  
Other receivables         6,987  
Prepaid expenses and other current assets 1,990,049       1,990,049 1,990,049   434,699  
Total current assets 19,857,532       19,857,532 19,857,532   27,707,389  
Property and equipment, net 109,780       109,780 109,780   45,708  
Operating lease right-of-use assets 385,361       385,361 385,361   477,882  
Total assets 20,352,673       20,352,673 20,352,673   28,230,979  
Current liabilities:                  
Accounts payable and accrued expenses 1,279,598       1,279,598 1,279,598   947,574  
Short-term notes payable         303,416  
Operating lease liabilities 180,824       180,824 180,824   194,270  
Total current liabilities 1,460,422       1,460,422 1,460,422   1,445,260  
Long-term liabilities:                  
Operating lease liabilities 217,353       217,353 217,353   299,520  
Total long-term liabilities 217,353       217,353 217,353   299,520  
Shareholders’ equity:                  
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 Series A shares, 6,600,000 Series B shares, issued and outstanding at June 30, 2022 and December 31, 2021, respectively 2,656,713       2,656,713 2,656,713   2,656,713  
Common stock, $0.001 par value; 250,000,000 and 200,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively, 116,394,806 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 116,395       116,395 116,395   116,395  
Additional paid-in capital 195,356,454       195,356,454 195,356,454   194,987,219  
Accumulated deficit (179,454,664)       (179,454,664) (179,454,664)   (171,274,128)  
Total shareholders’ equity 18,674,898 $ 21,985,453 $ 32,733,400 $ 36,050,467 18,674,898 18,674,898 $ 32,733,400 26,486,199 $ 16,844,595
Total liabilities and shareholders’ equity 20,352,673       20,352,673 20,352,673   $ 28,230,979  
Grant revenue 30,391     30,391 45,474    
Operating expenses:                  
Research and development 2,590,032   2,467,575   2,590,032 5,883,693 5,728,479    
General and administrative 1,044,334   1,370,393   1,044,334 2,375,883 3,346,969    
Total operating expenses 3,634,366   3,837,968   3,634,366 8,259,576 9,075,448    
Loss from operations (3,603,975)   (3,837,968)   (3,603,975) (8,214,102) (9,075,448)    
Other income (expense):                  
Interest income 15,369   24,254   15,369 27,275 44,287    
Interest expense (816)   (1,033)   (816) (4,062) (3,601)    
Local business tax (490)   (600)   (490) (980) (1,200)    
Miscellaneous income 369     369 11,333 670    
Total other income, net 14,432   22,621   14,432 33,566 40,156    
Loss before income taxes (3,589,543)   (3,815,347)   (3,589,543) (8,180,536) (9,035,292)    
Income tax benefit        
Net loss $ (3,589,543) (4,590,993) $ (3,815,347) (5,219,945) $ (3,589,543) $ (8,180,536) $ (9,035,292)    
Basic and diluted net loss per share $ (0.03)   $ (0.03)   $ (0.03) $ (0.07) $ (0.08)    
Shares used to compute basic and diluted net loss per share 116,394,806   115,864,162   116,394,806 116,394,806 109,357,191    
Cash flows from operating activities:                  
Net loss $ (3,589,543) (4,590,993) $ (3,815,347) $ (5,219,945) $ (3,589,543) $ (8,180,536) $ (9,035,292)    
Adjustments to reconcile net loss to net cash used in operating activities:                  
Depreciation and amortization           18,847 25,176    
Gain on sale of property and equipment           (10,964)    
Stock-based compensation expense 278,988   $ 231,140     369,235 1,354,901    
Changes in operating assets and liabilities:                  
Other receivables           6,987    
Prepaid expenses and other current assets           (1,555,350) 256,189    
Prepaid expenses and other current assets           1,555,350 (256,189)    
Accounts payable and accrued expenses           332,024 993,251    
Net cash used in operating activities           (9,019,757) (6,405,775)    
Cash flows from investing activities:                  
Proceeds from sale of property and equipment           12,000    
Purchase of property and equipment           (87,047)    
Net cash used in investing activities           (75,047)    
Cash flows from financing activities:                  
Payments on short-term notes payable           (303,416) (228,227)    
Redemption of Series C Preferred stock           (5,635,672)    
Proceeds from issuance of common stock for option exercise           267,140    
Proceeds from issuance of common stock for warrant exercise           2,261,336    
Net proceeds from issuance of common stock                
Net cash provided by (used in) financing activities           (303,416)      
Net increase (decrease) in cash and cash equivalents           (9,398,220)      
Cash and cash equivalents at beginning of period   27,265,703       27,265,703      
Cash and cash equivalents at end of period 17,867,483       17,867,483 17,867,483      
Supplemental disclosure of cash flow information:                  
Interest paid           4,062 $ 3,601    
Non-cash investing and financing activities:                  
Stock dividend on Series C Preferred stock                
Previously Reported [Member]                  
Current assets:                  
Cash and cash equivalents 17,867,483       17,867,483 17,867,483      
Other receivables            
Prepaid expenses and other current assets 102,498       102,498 102,498      
Total current assets 17,969,981       17,969,981 17,969,981      
Property and equipment, net 109,780       109,780 109,780      
Operating lease right-of-use assets 385,361       385,361 385,361      
Total assets 18,465,122       18,465,122 18,465,122      
Current liabilities:                  
Accounts payable and accrued expenses 1,279,598       1,279,598 1,279,598      
Short-term notes payable            
Operating lease liabilities 180,824       180,824 180,824      
Total current liabilities 1,460,422       1,460,422 1,460,422      
Long-term liabilities:                  
Operating lease liabilities 217,353       217,353 217,353      
Total long-term liabilities 217,353       217,353 217,353      
Shareholders’ equity:                  
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 Series A shares, 6,600,000 Series B shares, issued and outstanding at June 30, 2022 and December 31, 2021, respectively 2,656,713       2,656,713 2,656,713      
Common stock, $0.001 par value; 250,000,000 and 200,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively, 116,394,806 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 116,395       116,395 116,395      
Additional paid-in capital 195,356,454       195,356,454 195,356,454      
Accumulated deficit (181,342,215)       (181,342,215) (181,342,215)      
Total shareholders’ equity 16,787,347       16,787,347 16,787,347      
Total liabilities and shareholders’ equity 18,465,122       18,465,122 18,465,122      
Grant revenue         30,391 45,474      
Operating expenses:                  
Research and development         3,033,182 7,771,244      
General and administrative         1,044,334 2,375,883      
Total operating expenses         4,077,516 10,147,127      
Loss from operations         (4,047,125) (10,101,653)      
Other income (expense):                  
Interest income         15,369 27,275      
Interest expense         (816) (4,062)      
Local business tax         (490) (980)      
Miscellaneous income         369 11,333      
Total other income, net         14,432 33,566      
Loss before income taxes         (4,032,693) (10,068,087)      
Income tax benefit              
Net loss 4,000,000       $ (4,032,693) $ (10,068,087)      
Basic and diluted net loss per share         $ (0.03) $ (0.09)      
Shares used to compute basic and diluted net loss per share         116,394,806 116,394,806      
Cash flows from operating activities:                  
Net loss 4,000,000       $ (4,032,693) $ (10,068,087)      
Adjustments to reconcile net loss to net cash used in operating activities:                  
Depreciation and amortization           18,847      
Gain on sale of property and equipment           (10,964)      
Stock-based compensation expense           369,235      
Changes in operating assets and liabilities:                  
Other receivables           6,987      
Prepaid expenses and other current assets           332,201      
Prepaid expenses and other current assets           (332,201)      
Accounts payable and accrued expenses           332,024      
Net cash used in operating activities           (9,019,757)      
Cash flows from investing activities:                  
Proceeds from sale of property and equipment           12,000      
Purchase of property and equipment           (87,047)      
Net cash used in investing activities           (75,047)      
Cash flows from financing activities:                  
Payments on short-term notes payable           (303,416)      
Redemption of Series C Preferred stock                
Proceeds from issuance of common stock for option exercise                
Proceeds from issuance of common stock for warrant exercise                
Net proceeds from issuance of common stock                
Net cash provided by (used in) financing activities           (303,416)      
Net increase (decrease) in cash and cash equivalents           (9,398,220)      
Cash and cash equivalents at beginning of period   $ 27,265,703       27,265,703      
Cash and cash equivalents at end of period 17,867,483       17,867,483 17,867,483      
Supplemental disclosure of cash flow information:                  
Interest paid           4,062      
Non-cash investing and financing activities:                  
Stock dividend on Series C Preferred stock                
Revision of Prior Period, Adjustment [Member]                  
Current assets:                  
Prepaid expenses and other current assets 1,887,551       1,887,551 1,887,551      
Shareholders’ equity:                  
Accumulated deficit $ 1,887,551       1,887,551 1,887,551      
Operating expenses:                  
Research and development         $ (443,150) (1,887,551)      
Other income (expense):                  
Net loss           1,887,551      
Cash flows from operating activities:                  
Net loss           1,887,551      
Changes in operating assets and liabilities:                  
Prepaid expenses and other current assets           1,887,551      
Prepaid expenses and other current assets           $ (1,887,551)