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, 2023
Dec. 31, 2022
Cash Flows From Operating Activities    
Net Loss $ (11,121,520) $ (27,424,229)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 222
Non-cash lease expense for right-of-use assets 81,530 85,518
Non-cash milestone expense in connection with license agreement 189,000
Amortization of debt issuance costs 115,613
Amortization of intangible asset 788,495
Impairment of intangible asset 7,268,143
Stock-based compensation 1,060,339 8,828,713
Warrants issued to purchase 158,007 shares of common stock 1,310,875
Net changes in operating assets and liabilities:    
Prepaid expenses and other 956,834 210,549
Operating lease liability (78,896) (87,937)
Accounts payable (15,931) 108,643
Due (from) to related parties (12) (1,721)
Other receivables 70,274
Accrued expenses (256,787) 243,796
Net cash (used in) operating activities (8,063,346) (9,605,143)
Cash Flows From Investing Activities    
Purchase of property and equipment (2,776)
Net cash (used in) provided by investing activities (2,776)
Cash Flows From Financing Activities    
Net proceeds from issuance of stock 6,321,470
Shares withheld to pay taxes on stock-based compensation (88,843)
Settlement of stock award (52,746)
Acquisition of treasury stock (300,000)
Net cash (used in) provided by financing activities 6,268,724 (388,843)
Net (Decrease) Increase in Cash and Cash Equivalents (1,797,398) (9,993,986)
Cash and Cash Equivalents - Beginning of Year 6,503,595 16,497,581
Cash and Cash Equivalents - End of Year 4,706,197 6,503,595
Supplemental Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
Non-Cash Financing Activities    
Issuance of 880 shares of common stock in satisfaction of accrued director fees 120,000
Issuance of 5,000 shares of common stock in connection with a licensing agreement which had previously been recorded as a due to licensor 400,000
Issuance of 6,181 shares of common stock in connection with the Purchase Agreement with Lincoln Park 450,000
Right-of-use asset obtained in exchange for operating lease liability (238,924)
Operating lease liability 238,924
Net