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, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (19,481,602) $ (8,522,182)
Adjustments to reconcile net loss to net cash used in operating activities:    
Finance charge from Sciences warrant modification 120,228 0
Depreciation and amortization 114,998 34,131
Stock-based compensation expense 629,032 869,206
Change in fair value of derivative liability (59,729) 21,165
Amortization of debt discount - related party 489,595 593,802
Estimate for legal contingency 6,205,310 0
Gain on debt forgiveness 0 (117,953)
Changes in assets and liabilities:    
Prepaid expenses (16,396) (364,083)
Prepaid expenses - related party 13,432 (13,432)
Other current assets 112,907 (56,595)
Other asset 0 (8,309)
Accounts payable 688,269 533,540
Accounts payable – related parties 111,471 (14,902)
Accrued interest – related party (159,097) 130,824
Accrued payroll liabilities 313,284 282,903
Other current liabilities (1,839,252) 166,531
Other current liabilities - related parties 95,850 0
Operating lease liability (82,372) (9,534)
Net cash, cash equivalents and restricted cash used in operating activities (12,744,072) (6,474,888)
Cash flows from investing activities:    
Cash divested net of proceeds from the sale of an asset (66,458) 0
Purchases of property and equipment (28,060) (90,866)
Cash from asset acquisition, net of transaction costs of $1,475,144 for the year ended December 31, 2022 5,308,913 0
Net cash, cash equivalents and restricted cash provided by (used in) investing activities 5,214,395 (90,866)
Cash flows from financing activities:    
Proceeds from the issuance of common stock and warrants - net of $0 and $935,260 of issuance costs in 2022 and 2021, respectively 0 6,062,774
Proceeds from warrant exercises 0 6,999,999
Proceeds from pre-funded warrant exercises 1,967 11,800
Proceeds from option exercises 0 4,783
Repayment of loan payable (275,537) 0
Proceeds from EHT bridge financing 680,901 0
Repayment of Amended Credit Agreement (616,125) 0
Net cash, cash equivalents and restricted cash (used in) provided by financing activities (208,794) 13,079,356
Net (decrease) increase in cash, cash equivalents and restricted cash (7,738,471) 6,513,602
Cash, cash equivalents and restricted cash, beginning of year 8,987,578 2,473,976
Cash, cash equivalents and restricted cash, end of year 1,249,107 8,987,578
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 1,244,527 8,983,007
Restricted cash 4,580 4,571
Total cash and restricted cash shown in the consolidated statements of cash flows 1,249,107 8,987,578
Cash paid during the year for:    
Interest 333,547 44,087
Income taxes 6,741 1,600
Supplemental disclosures of non-cash financing activities:    
Deferred issuance costs 22,471 170,606
Purchases of property and equipment in other current liabilities 11,300 0
Financing of D&O insurance premium 275,537 0
Release of share liability 13,000 0
Asset acquisition costs in other current liabilities and accounts payable 102,857 0
Stock issued for assets, net of equity issuance costs $ 3,074,098 $ 0