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 ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net loss $ (5,256,523) $ (1,607,750)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 484 4,223
Non-cash lease expense for right-of-use assets 41,322 39,483
Non-cash acquisition of in-process research and development 300,000
Amortization of debt issuance costs 2,140
Amortization of intangible asset 397,664 397,664
Deferred income tax benefit (226,417) (215,964)
Stock-based compensation 1,173,622 192,532
Forgiveness of PPP loan and related accrued interest (163,771)
Net changes in operating assets and liabilities:    
Prepaid expenses and other (876,899) 217,923
Operating lease liability (42,320) (38,820)
Accrued interest 362 36,581
Accounts payable (32,816) (2,241)
Due (from) to related parties 96,614 (26,813)
Other receivables 6,750
Accrued expenses 144,434 104,013
Net cash used in operating activities (4,437,494) (897,029)
Cash Flows From Financing Activities    
Net proceeds from private placement 9,875,550
Borrowings on line of credit payable from related party 500,000
Proceeds received from our Paycheck Protection Program note payable 162,459
Other (23,085) (4,312)
Net cash provided by financing activities 9,852,465 658,147
Net Increase (Decrease) in Cash 5,414,971 (238,882)
Cash and Cash Equivalents – Beginning of Period 15,416,224 691,536
Cash and Cash Equivalents – End of Period $ 20,831,195 $ 452,654