Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (unaudited)

v3.21.2
Condensed Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (5,349,621) $ (2,840,217)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,416,691 0
Amortization of debt discount costs 14,126 88,293
Depreciation of fixed assets 0 322
Increase/(decrease) in cash resulting from changes in:    
Prepaid expenses and other current assets (1,007,393) (5,300)
Accounts payable 665,587 (256,601)
Accrued and other current liabilities $ 371,127 $ 20,936
License and settlement agreement 0 (500,000
Total adjustments to reconcile net loss to net cash used in operations $ 1,460,138 $ (652,350)
Net cash used in operating activities 3,889,483 3,492,567
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of issuance costs 15,386,189 0
Redemption of Series 1c preferred stock (1,000,000) 0
Payments on debt (556,482) (462,963)
Proceeds from Paycheck Protection Plan loan 0 133,592
Net proceeds from issuance of convertible subordinated promissory notes 1,562,717 2,314,432
Proceeds from issuance of Series 1d preferred units 570,000 0
Proceeds from issuance of Series 1c preferred units 0 250,000
Proceeds from exercise of Series 1a preferred warrant units 0 18,750
Net cash provided by financing activities 15,962,424 2,253,811
Net increase (decrease) in cash 12,072,941 (1,238,756)
Cash at beginning of period 530,400 1,991,802
Cash at end of period 12,603,341 753,046
Supplemental disclosures:    
Cash paid for interest 1,420 51,149
Cash paid for taxes 1,400 1,400
Non-cash financing activities:    
Conversion of common and preferred units and warrants to common and preferred stock and warrants 29,936,660 0
Conversion of convertible subordinated promissory notes to Series 1d preferred units 4,464,801 0
Deemed dividend upon amendment to the terms to the Series 1d convertible preferred stock 2,293,199 0
Conversion of convertible subordinated promissory notes and accrued interest to common shares at IPO 180,434 0
Conversion of preferred stock to common stock at IPO $ 6,582 $ 0