v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,274,698) $ (4,087,923)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 2,167,982 966,085
Gain on forgiveness of loan (29,088)
Depreciation of fixed assets 2,593
Fixed asset disposal 6,954
Amortization of intangible assets 282 282
Amortization of right-to-use asset 23,561
Change in fair value of contingent liability 61,203
Changes in operating assets and liabilities:    
Prepaid research and development expenses (131,618)
Prepaid expenses and other current assets 354,615 182,736
Accrued expenses 833,085 7,673
Accounts payable (172,235) 252,171
Change in operating lease liability (21,010)
Net cash used in operating activities (6,046,756) (2,810,594)
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 5,450,003 4,657,215
Proceeds from warrant exercise 1,425,000  
Proceeds from options exercise 14,500  
Net cash provided by financing activities 6,889,503 4,657,215
NET INCREASE IN CASH AND CASH EQUIVALENTS 808,731 1,846,621
CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD 4,401,114 6,777,052
CASH AND CASH EQUIVALENTS-END OF PERIOD 5,209,845 8,623,673
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

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