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 ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (3,636,700) $ (2,242,822)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization of fixed assets 0 322
Amortization of debt discount costs 13,970 72,159
Stock-based compensation 1,274,036 0
Increase/(decrease) in cash resulting from changes in:    
Prepaid expenses and other current assets (634,609) 59,668
Accounts payable 777,030 (10,317)
Accrued and other current liabilities 526,840 (1,966)
Total adjustments to reconcile net loss to net cash used in operations 1,957,267 119,866
Net cash used in operating activities (1,679,433) (2,122,956)
Cash flows from financing activities:    
Principal payments on debt (556,482) (115,741)
Proceeds from Payroll Protection Plan loan 0 133,592
Net proceeds from issuance of convertible subordinated promissory notes 1,562,717 600,000
Proceeds from issuance of Series 1d Preferred Units 570,000 0
Net proceeds from issuance of Series 1c Preferred Units 0 250,000
Net cash provided by financing activities 1,576,235 867,851
Net decrease in cash (103,198) (1,255,105)
Cash at beginning of period 530,400 1,991,802
Cash at end of period 427,202 736,697
Supplemental disclosures:    
Cash paid for interest 1,420 29,579
Cash paid for taxes 1,400 1,400
Non-cash investing and financing activities:    
Conversion of convertible subordinated promissory notes to Series 1d Preferred Units 4,464,801 0
Conversion of Common and Preferred Units and Warrants to Common and Preferred Stock and Warrants $ 29,936,660 $ 0