Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (7,908,308) $ (12,050,649)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27,391 31,594
Gain on sale of property and equipment (22,443) (10,964)
Stock-based compensation expense 546,519 837,780
Changes in operating assets and liabilities:    
Other receivables (35,104) 6,987
Operating Lease Right of Use Assets 323,103
Prepaid expenses and other current assets 1,443,563 (1,608,905)
Deposits 9,340
Accounts payable and accrued expenses (572,396) (1,490)
Net cash used in operating activities (6,188,335) (12,795,647)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 63,715 12,000
Purchase of property and equipment (124,081)
Net cash provided by (used in) investing activities 63,715 (112,081)
Cash flows from financing activities:    
Payments on short-term notes payable (385,329) (406,921)
Proceeds from issuance of common stock from private placement 849,808
Net cash provided by (used in) financing activities 464,479 (406,921)
Net decrease in cash and cash equivalents (5,660,141) (13,314,649)
Cash and cash equivalents at beginning of period 11,426,785 27,265,703
Cash and cash equivalents at end of period 5,766,644 13,951,054
Supplemental disclosure of cash flow information:    
Interest paid 3,347 9,290
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 611,109 528,429
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 400
Par Value of common stock issued in connection with Series B Preferred Stock Conversion $ 510