Decorative
Decorative
Decorative Decorative

Cash Flow

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (6,009,362) $ (5,058,592)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 9,412 1,096
Stock-based compensation expense 747,252 241,216
Change in fair value of derivative liabilities 169,349 (433,688)
Amortization of debt discount 439,053 402,624
Gain on forgiveness of PPP loan (117,953) 0
Changes in assets and liabilities:    
Prepaid expenses and other current assets (131,088) 40,686
Prepaid expenses - related party (18,125) 0
Other asset (8,309) 0
Accounts payable (72,719) 601,823
Accounts payable - related parties 2,968 11,400
Accrued interest - related party 86,737 81,813
Accrued payroll liabilities 201,334 0
Other current liabilities 201,861 (156,576)
Operating lease liability (6,442) 0
Net cash used in operating activities (4,506,032) (4,268,198)
Cash flows from investing activities:    
Purchase of property and equipment (36,828) 0
Net cash used in investing activities (36,828) 0
Cash flows from financing activities:    
Proceeds from multi-draw credit agreement – related party, net of $0 and $9,301 issuance costs for the September 30, 2021 and September 30, 2020 periods, respectively 0 450,000
Proceeds from PPP loan 0 116,700
Proceeds from the sale of common stock and warrants – net of $851,538 and $854,078 issuance costs for the September 30, 2021 and September 30, 2020 periods, respectively 6,146,496 6,085,589
Proceeds from warrant exercises 7,011,799  
Proceeds from stock option exercises 4,783 0
Net cash provided by financing activities 13,163,078 6,662,822
Net increase in cash and restricted cash 8,620,218 2,394,624
Cash and restricted cash, beginning of period 2,473,976 1,834,515
Cash and restricted cash, end of period 11,094,194 4,229,139
Reconciliation of cash and restricted cash:    
Cash 11,089,624 4,224,601
Restricted cash 4,570 4,538
Total cash and restricted cash shown in the consolidated statements of cash flows 11,094,194 4,229,139
Cash paid during the period for:    
Interest 44,087 35,645
Income taxes 1,600 1,600
Supplemental disclosures of non-cash financing activities:    
Purchases of property and equipment in other current liabilities 39,607 0
Establishment of right-of-use asset 170,606 0
Accrued stock issuance costs - September 2021 Financing 83,722 0
Reclassification of warrant liabilities to equity from exercise of warrants 0 26,563
Common Stock Warrants    
Cash flows from financing activities:    
Proceeds from warrant exercises 6,999,999 0
Prefunded Warrants    
Cash flows from financing activities:    
Proceeds from warrant exercises $ 11,800 $ 10,533

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