Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (20,655,737) $ (14,288,389)
Adjustments to reconcile net loss to net cash used in operating activities:    
Write off of in process research and development (IPR&D) 10,273,506
Depreciation and amortization 27,391 44,667
Loss (Gain) on sale of fixed assets, net 29,956 (10,964)
Stock-based compensation expense 1,016,828 742,203
Changes in operating assets and liabilities:    
Other receivables 6,987
Operating Lease Right of Use Assets 337,629
Prepaid expenses and other current assets 2,000,824 (1,899,612)
Prepaid R&D assets - other assets
Lease Liabilities (347,075)  
Accounts payable and accrued expenses 25,798 176,625
Net cash used in operating activities (7,290,880) (15,228,483)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 63,716 12,000
Cash paid for IPR&D (1,000,000)
Purchase of property and equipment (127,519)
Net cash provided by (used in) investing activities (936,284) (115,519)
Cash flows from financing activities:    
Payments on short-term notes payable (566,046) (564,205)
Proceeds from issuance of common stock for private placement 849,926 69,289
Net cash provided by (used in) financing activities 283,880 (494,916)
Net decrease in cash and cash equivalents (7,943,284) (15,838,918)
Cash and cash equivalents at beginning of year 11,426,785 27,265,703
Cash and cash equivalents at end of year 3,483,501 11,426,785
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 insurance 611,109 528,429
Issuance of Series F Preferred stock for IPR&D 8,947,834
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