Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (2,216,993) $ (2,450,833)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and closing costs 192,859
Stock-based compensation expense 17,706 69,344
Stock-based compensation recapture expense (86,470)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 159,637 11,061
Operating lease right of use assets 9,811
Accounts payable and accrued expenses (178,829) (693,821)
Change in operating lease liabilities (9,811)
Net cash used in operating activities (2,112,090) (3,064,249)
Cash flows from financing activities:    
Borrowings on short-term notes payable 2,228,563
Payments on short-term notes payable (195,565) (185,863)
Net proceeds from issuance of common stock 2,635,330 1,838,600
Net cash provided by financing activities 4,668,328 1,652,737
Net decrease in cash and cash equivalents 2,556,238 (1,411,512)
Cash and cash equivalents at beginning of period 864,840 3,483,501
Cash and cash equivalents at end of period 3,421,078 2,071,989
Supplemental disclosure of cash flow information:    
Interest paid $ 6,268 $ 7,085