Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash flows

v3.23.1
Consolidated Statements of Cash flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (14,288,389) $ (15,711,614)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 44,667 41,237
Gain on sale of property and equipment (10,964)
Stock-based compensation expense 742,203 1,688,022
Changes in operating assets and liabilities:    
Other receivables 6,987 (6,987)
Prepaid expenses and other current assets (1,899,612) 508,576
Accounts payable and accrued expenses 176,625 10,554
Net cash (used) in operating activities (15,228,483) (13,470,212)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 12,000
Purchase of property and equipment (127,519) (43,876)
Net cash (used) in investing activities (115,519) (43,876)
Cash flows from financing activities:    
Payments on short-term notes payable (564,205) (524,980)
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
Net proceeds from issuance of common stock 69,289 26,676,392
Net cash (used) provided by financing activities (494,916) 23,140,216
Net increase (decrease) in cash and cash equivalents (15,838,918) 9,626,128
Cash and cash equivalents at beginning of the year 27,265,703 17,639,575
Cash and cash equivalents at end of the year 11,426,785 27,265,703
Supplemental disclosure of cash flow information:    
Interest paid 9,290 15,756
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 528,429 600,169
Value of Series A preferred stock converted into common stock 415,169
Value of Series B preferred stock converted into common stock 648,821
Par value of common stock issued in connection with Series A Preferred Stock Conversion 7
Par value of common stock issued in connection with Series B Preferred Stock Conversion 9  
Stock dividend on Series C preferred stock $ 1,117,531