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, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ (14,036,578) $ (9,457,871)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,723,842 1,293,392
Depreciation 13,070 11,096
Loss on disposal of fixed assets 0 1,583
Changes in operating assets and liabilities:    
Prepaid expenses (1,520,281) (321,353)
Accounts payable 576,493 702,664
Accounts payable and accrued expenses - related party 0 (45,833)
Accrued expenses (294,855) 498,304
Net cash used in operating activities (13,538,309) (7,318,018)
Cash Flows from Investing Activities:    
Purchase of property and equipment (5,748) (17,945)
Net cash used in investing activities (5,748) (17,945)
Cash Flows from Financing Activities:    
Payment of deferred offering costs 0 (45,000)
Payments on notes payable (477,490) (43,081)
Proceeds from exercise of warrants 332,750 0
Proceeds from sale of common stock and warrants 4,653,821 14,222,249
Net cash provided by financing activities 4,509,081 14,134,168
Net change in cash and cash equivalents (9,034,976) 6,798,205
Cash and cash equivalents, at beginning of period 14,039,493 7,241,288
Cash and cash equivalents, at end of period 5,004,517 14,039,493
Supplemental disclosures of cash flow information:    
Cash paid for interest 9,774 1,708
Cash paid for income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued for deferred offering costs 0 395,902
Prepaid expenses financed with note payable 425,990 482,375
Deferred offering costs offset against additional paid in capital 0 106,764
Cashless exercise of warrants $ 1,756 $ 0