Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (13,985,730) $ (13,419,038)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 31,594 34,817
Gain on sale of property and equipment (10,964)
Stock-based compensation expense 837,780 1,455,670
Changes in operating assets and liabilities:    
Other receivables 6,987
Prepaid expenses and other current assets 401,176 356,756
Accounts payable and accrued expenses (76,490) 586,177
Net cash used in operating activities (12,795,647) (10,985,618)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 12,000
Purchase of property and equipment (124,081) (24,123)
Net cash used in investing activities (112,081) (24,123)
Cash flows from financing activities:    
Payments on short-term notes payable (406,921) (346,138)
Redemption of Series C Preferred stock (5,635,672)
Proceeds from issuance of common stock for option exercise 363,140
Proceeds from issuance of common stock for warrant exercise 2,261,336
Net proceeds from issuance of common stock 26,676,392
Net cash provided by financing activities (406,921) 23,319,058
Net increase (decrease) in cash and cash equivalents (13,314,649) 12,309,317
Cash and cash equivalents at beginning of period 27,265,703 17,639,575
Cash and cash equivalents at end of period 13,951,054 29,948,892
Supplemental disclosure of cash flow information:    
Interest paid 9,290 10,654
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 400
Par value of common stock issued in connection with Series B Preferred Stock Conversion 510
Stock dividend on Series C Preferred stock $ 1,117,531