Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities    
Net loss $ (3,227,131) $ (2,099,481)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 484
Non-cash lease expense for right-of-use assets 22,559 20,450
Amortization of issuance costs 3,113
Amortization of intangible asset 197,124 198,832
Deferred income tax benefit (89,248)
Stock-based compensation 828,897 308,298
Net changes in operating assets and liabilities:    
Prepaid expenses and other 216,717 (557,137)
Operating lease liability (23,195) (20,949)
Accrued interest 362
Accounts payable 97,187 (143,673)
Due (from) to related parties (1,772) 122,564
Other receivables 70,274 6,750
Accrued expenses 13,301 9,219
Net cash used in operating activities (1,802,926) (2,243,529)
Cash Flows From Financing Activities    
Net proceeds from private placement 9,875,550
Acquisition of treasury stock (300,000)
Net cash (used in) provided by financing activities (300,000) 9,875,550
Net Increase (Decrease) in Cash (2,102,926) 7,632,021
Cash and Cash Equivalents – Beginning of Period 16,497,581 15,416,224
Cash and Cash Equivalents – End of Period 14,394,655 23,048,245
Non-Cash Financing Activities    
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park $ 450,000