Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (9,589,960) $ (6,009,362)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 83,466 9,412
Stock-based compensation expense 425,846 747,252
Change in fair value of derivative liabilities (59,406) 169,349
Amortization of debt discount 480,466 439,053
Gain on forgiveness of PPP loan 0 (117,953)
Changes in assets and liabilities:    
Prepaid expenses 121,277 (131,088)
Prepaid expenses - related party 13,432 (18,125)
Other current asset (86,989) 0
Other current assets - related party (22,542) 0
Other asset 0 (8,309)
Accounts payable 370,136 (72,719)
Accounts payable - related parties 118,086 2,968
Accrued interest - related party 130,823 86,737
Accrued payroll liabilities 99,533 201,334
Operating lease liability (60,489) (6,442)
Other current liabilities 1,381 201,861
Other current liabilities - related party 102,390 0
Net cash used in operating activities (7,872,550) (4,506,032)
Cash flows from investing activities:    
Asset acquisition costs (436,554) 0
Purchase of property and equipment (15,556) (36,828)
Net cash used in investing activities (452,110) (36,828)
Cash flows from financing activities:    
Proceeds from stock option exercises 0 4,783
Repayment of insurance premium loan payable (244,922) 0
Net cash (used in) provided by financing activities (242,955) 13,163,078
Net (decrease) increase in cash and restricted cash (8,567,615) 8,620,218
Cash and restricted cash, beginning of period 8,987,578 2,473,976
Cash and restricted cash, end of period 419,963 11,094,194
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 415,389 11,089,624
Restricted cash 4,574 4,570
Total cash and restricted cash shown in the consolidated statements of cash flows 419,963 11,094,194
Cash paid during the period for:    
Interest 4,275 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 951,890 0
Financing of insurance premium 275,537 0
Release of share liability to additional paid-in-capital 13,000 0
Purchases of property and equipment in other current liabilities 10,455 39,607
Establishment of right-of-use asset 0 170,606
Accrued financing charges 0 83,722
Common Stock Warrants    
Cash flows from financing activities:    
Proceeds from the sale of common stock and warrants – net of $851,538 for the September 30, 2021 period 0 6,146,496
Proceeds from warrant exercises 0 6,999,999
Prefunded Warrants    
Cash flows from financing activities:    
Proceeds from warrant exercises $ 1,967 $ 11,800