Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss and comprehensive loss $ (8,522,182) $ (6,560,699)
Adjustments to reconcile net loss and comprehensive loss to net cash used in operating activities:    
Depreciation and amortization 34,131 1,872
Stock-based compensation expense 869,206 302,742
Change in fair value of derivative liabilities 21,165 (436,270)
Amortization of debt discount - related party 593,802 544,033
Gain on debt forgiveness (117,953) 0
Changes in assets and liabilities:    
Prepaid expenses (364,083) (37,439)
Prepaid expenses - related parties (13,432) 0
Other current assets (56,595) 7,275
Other assets (8,309) 0
Accounts payable 533,540 234,531
Accounts payable – related party (14,902) 7,032
Accrued interest – related party 130,824 44,087
Accrued payroll liabilities 282,903 0
Operating lease liability (9,534) 0
Other current liabilities 166,531 (161,295)
Net cash used in operating activities (6,474,888) (6,054,131)
Cash flows from investing activities:    
Purchases of property and equipment (90,866) (7,230)
Net cash used in investing activities (90,866) (7,230)
Cash flows from financing activities:    
Proceeds from the issuance of common stock and warrants - net of $935,260 and $854,078 of issuance costs in 2021 and 2020, respectively 6,062,774 6,085,589
Proceeds from warrant exercises 6,999,999 48,533
Proceeds from pre-funded warrant exercises 11,800 0
Proceeds from option exercises 4,783 0
Proceeds from PPP loan 0 116,700
Proceeds from multi-draw credit agreement - related party 0 450,000
Net cash provided by financing activities 13,079,356 6,700,822
Net increase in cash and restricted cash 6,513,602 639,461
Cash and restricted cash, beginning of year 2,473,976 1,834,515
Cash and restricted cash, end of year 8,987,578 2,473,976
Reconciliation of cash and restricted cash:    
Cash 8,983,007 2,469,410
Restricted cash 4,571 4,566
Total cash and restricted cash shown in the consolidated statements of cash flows 8,987,578 2,473,976
Cash paid during the year for:    
Interest 44,087 117,459
Income taxes 1,600 1,600
Supplemental disclosures of non-cash financing activities:    
Establishment of right-of-use asset 170,606 0
Reclassification of warrant liabilities to equity from exercise of warrants $ 0 $ 26,250