Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (6,462,677) $ (4,184,544)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 54,661 1,948
Stock-based compensation expense 281,722 258,279
Change in fair value of derivative liabilities (53,178) 358,998
Amortization of debt discount 314,925 287,781
Gain on forgiveness of PPP loan 0 (117,953)
Changes in assets and liabilities:    
Prepaid expenses (41,674) (72,427)
Prepaid expenses - related party 13,432 (14,805)
Other current asset (56,317) 0
Other current assets - related party (12,655) 0
Other assets - related party 0 (4,000)
Accounts payable (34,022) 17,799
Accounts payable - related parties 105,107 (1,994)
Accrued interest - related party 86,736 42,650
Accrued payroll liabilities 5,798 50,960
Operating lease liability (39,722) 0
Other current liabilities (33,764) 357,819
Other current liabilities - related party 55,668 0
Net cash used in operating activities (5,815,960) (3,019,489)
Cash flows from investing activities:    
Asset acquisition costs (80,830) 0
Purchase of property and equipment (5,212) (10,170)
Net cash used in investing activities (86,042) (10,170)
Cash flows from financing activities:    
Proceeds from stock option exercises 0 4,783
Repayment of insurance premium loan payable (153,076) 0
Net cash (used in) provided by financing activities (151,109) 5,746,583
Net (decrease) increase in cash and restricted cash (6,053,110) 2,716,924
Cash and restricted cash, beginning of period 8,987,578 2,473,976
Cash and restricted cash, end of period 2,934,468 5,190,900
Reconciliation of cash and restricted cash:    
Cash 2,929,895 5,186,331
Restricted cash 4,573 4,569
Total cash and restricted cash shown in the consolidated statements of cash flows 2,934,468 5,190,900
Cash paid during the period for:    
Interest 2,669 44,087
Income taxes 5,141 1,600
Supplemental disclosures of non-cash financing activities:    
Asset acquisition costs in other current liabilities and accounts payable 761,364 0
Financing of insurance premium 275,537 0
Release of share liability to additional paid-in-capital 13,000 0
Common Stock Warrants    
Cash flows from financing activities:    
Proceeds from warrant exercises 0 5,730,000
Prefunded Warrants    
Cash flows from financing activities:    
Proceeds from warrant exercises $ 1,967 $ 11,800