Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (13,592,482) $ (7,423,742)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 3,356,859 1,644,077
Gain on forgiveness of loan (29,088)
Depreciation of fixed assets 2,593
Fixed asset disposal 6,954
Amortization of intangible assets 423 423
Amortization of right-to-use asset 35,700
Change in fair value of contingent liability 335,727
Changes in operating assets and liabilities:    
Prepaid research and development expenses (2,500) 322,507
Prepaid expenses and other current assets (68,095) (233,330)
Accrued expenses 868,200 613,748
Accounts payable and other current liabilities (464,459) 57,196
Change in operating lease liability (26,229)
Net cash used in operating activities (9,576,397) (5,019,121)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (64,605)
Purchase consideration paid for acquisition, net of cash acquired 30,589
Net cash used in investing activities (34,016)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from sale of common stock and warrants 10,950,005 5,157,215
Proceeds from warrant exercise 1,425,000 450,008
Proceeds from options exercise 14,500  
Net cash provided by financing activities 12,389,505 5,607,223
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,779,092 588,102
CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD 4,401,114 6,777,052
CASH AND CASH EQUIVALENTS-END OF PERIOD 7,180,206 7,365,154
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid
Income taxes paid
Issuance of common stock for acquisition 1,060,150
Contingent consideration for acquisition 732,287
Reclassification of stock-based comp from accrued expenses $ 117,001