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, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (19,423,326) $ (10,892,990)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 4,240,417 2,014,246
Gain on forgiveness of loan (29,088)
Depreciation of fixed assets 6,456
Fixed asset disposal 6,954
Impairment expenses 1,548,397
Amortization of intangible assets 565 564
Amortization of right to use asset 48,085
Change in value of contingent liability 281,713
Deferred Taxes (94,077)
Changes in operating assets and liabilities:    
Prepaid research and development 223,104 (303,881)
Prepaid expenses and other current assets 112,188 (142,190)
Accrued expenses 1,520,291 458,535
Change in operating lease liability (37,337)
Accounts payable and other current liabilities (353,771) 624,793
Net cash used in operating activities (11,949,429) (7,633,161)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (64,605)
Purchase consideration paid for acquisition, net of cash acquired 30,589
Advance to seller (350,000)
Net cash used in investing activities (34,016) (350,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from equity offerings 11,750,005 5,157,215
Proceeds from warrant exercises 1,424,998 450,008
Proceeds of options exercises 469,501
Net cash provided by financing activities 13,644,504 5,607,223
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,661,059 (2,375,938)
CASH AND CASH EQUIVALENTS-BEGINNING OF YEAR 4,401,114 6,777,052
CASH AND CASH EQUIVALENTS-END OF YEAR 6,062,173 4,401,114
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
Non-cash cost of commitment shares $ 295,750