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 $ (15,274,134) $ (14,495,200)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,202,966 1,723,842
Depreciation 11,756 13,070
Write off of deferred offering cost 334,138 0
Loss on disposal of fixed assets 3,111 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 860,451 (1,520,281)
Accounts payable 1,700,455 1,035,115
Accrued expenses 603,442 (294,855)
Net cash used in operating activities (10,557,815) (13,538,309)
Cash Flows from Investing Activities:    
Purchase of property and equipment (4,422) (5,748)
Net cash used in investing activities (4,422) (5,748)
Cash Flows from Financing Activities:    
Payments on notes payable (427,700) (477,490)
Proceeds from exercise of warrants 2,734 332,750
Proceeds from sale of common stock 16,038,093 4,653,821
Net cash provided by financing activities 15,613,127 4,509,081
Net change in cash and cash equivalents 5,050,890 (9,034,976)
Cash and cash equivalents, at beginning of period 5,004,517 14,039,493
Cash and cash equivalents, at end of period 10,055,407 5,004,517
Supplemental disclosures of cash flow information:    
Cash paid for interest 8,094 9,774
Cash paid for income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Cashless exercise of warrants 0 1,756
Prepaid expense financed with note payable $ 449,874 $ 425,990