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 $ (11,427,534) $ (14,413,788)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 484 8,446
Non-cash lease expense for right-of-use assets 84,377 78,288
Non-cash acquisition of in-process research and development 300,000 8,600,000
Amortization of debt issuance costs 199,900
Amortization of intangible asset 790,488 795,328
Deferred income tax (benefit) expense (530,611) (1,001,019)
Stock-based compensation 3,408,015 2,730,042
Forgiveness of Payroll Protection Program loan and related accrued interest (163,771)
Net changes in operating assets and liabilities:    
Prepaid expenses and other (1,018,095) (239,103)
Operating lease liability (87,200) (77,491)
Accrued interest, including amounts converted into common stock 362 81,894
Accounts payable (101,789) 245,082
Due (from) to related parties 86,644 (85,188)
Other receivables 6,750 (77,024)
Accrued expenses (65,411) 11,437
Net cash (used in) operating activities (8,717,291) (3,143,196)
Cash Flows From Financing Activities    
Net proceeds from common stock sold 10,049,537 17,100,637
Line of credit payable from related party 700,000
Proceeds from our Paycheck Protection Program note payable 162,459
Shares withheld to pay taxes on stock based compensation (64,396) (95,212)
Other (186,493)
Net cash provided by financing activities 9,798,648 17,867,884
Net Increase in Cash and Cash Equivalents 1,081,357 14,724,688
Cash and Cash Equivalents - Beginning of Year 15,416,224 691,536
Cash and Cash Equivalents - End of Year 16,497,581 15,416,224
Supplemental Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
Non-Cash Investing and Financing Activities:    
Right-of-use asset obtained in exchange for operating lease liability (17,772)
Operating lease liability 17,772
Net
Issuance of 100,000 shares of common stock in connection with a licensing agreement which had previously been recorded as a due to licensor 400,000
Conversion of $805,000 of Senior Convertible Debt and related accrued interest of $84,513 into 247,088 shares of common stock 805,000
Conversion of $700,000 of Line of Credit Payable with related party and related accrued interest of $18,333 into 199,537 shares of common stock 700,000
Issuance of 1,185,458 shares of common stock due to triggering the full-ratchet anti-dilution provision of common stock sold in our 2018 Private Placement Transactions $ 119