Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities    
Net loss $ (8,391,499) $ (5,256,523)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 484
Non-cash lease expense for right-of-use assets 45,291 41,322
Non-cash milestone expense in connection with license agreement 189,000
Non-cash acquisition of in-process research and development 300,000
Amortization of issuance costs 40,613
Amortization of intangible asset 394,248 397,664
Deferred income tax benefit (226,417)
Stock-based compensation 2,838,266 1,173,622
Forgiveness of PPP loan and related accrued interest (163,771)
Net changes in operating assets and liabilities:    
Prepaid expenses and other 272,050 (876,899)
Operating lease liability (47,256) (42,320)
Accrued interest 362
Accounts payable 429,199 (32,816)
Due (from) to related parties (1,772) 96,614
Other receivables 70,274 6,750
Accrued expenses 28,147 144,434
Net cash used in operating activities (4,133,439) (4,437,494)
Cash Flows From Financing Activities    
Net proceeds from private placement 9,875,550
Acquisition of treasury stock (300,000)
Other (23,085)
Net cash (used in) provided by financing activities (300,000) 9,852,465
Net Increase (Decrease) in Cash (4,433,439) 5,414,971
Cash and Cash Equivalents – Beginning of Period 16,497,581 15,416,224
Cash and Cash Equivalents – End of Period 12,064,142 20,831,195
Non-Cash Financing Activities    
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park $ 450,000