Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (9,610,913) $ (7,902,477)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 930,325 1,905,408
Amortization of debt discount costs 0 14,126
Increase/(decrease) in cash resulting from changes in:    
Prepaid expenses and other current assets 121,940 (750,081)
Accounts payable (18,543) 410,969
Accrued and other current liabilities (256,973) 628,663
Net cash used in operating activities: (8,834,164) (5,693,392)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of issuance costs 4,276,365 15,385,563
Proceeds from issuances of common stock upon exercises of pre-funded warrants 287 0
Redemption of Series 1c preferred stock 0 (1,000,000)
Payments on debt 0 (556,482)
Net proceeds from issuance of convertible subordinated promissory notes 0 1,562,717
Proceeds from issuance of Series 1d preferred units 0 570,000
Net cash provided by financing activities: 4,276,652 15,961,798
Net increase (decrease) in cash and cash equivalents (4,557,512) 10,268,406
Cash and cash equivalents at beginning of period 10,798,806 530,400
Cash and cash equivalents at end of period 6,241,294 10,798,806
Supplemental disclosures:    
Cash paid for interest 0 1,420
Cash paid for taxes 950 1,400
Non-cash financing activities:    
Conversion of common and preferred units and warrants to common and preferred stock and warrants 0 29,936,660
Conversion of convertible subordinated promissory notes to Series 1d preferred units 0 4,464,801
Deemed dividend upon amendment to the terms of the Series 1d convertible preferred stock 0 2,293,199
Conversion of convertible subordinated promissory notes and accrued interest to common shares at IPO 0 180,434
Conversion of preferred stock to common stock at IPO $ 0 $ 6,582