v3.22.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (3,261,773) $ (4,038,344)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 32,801 36,685
Stock-based compensation 456,423 320,444
Amortization of debt discount 8,350 12,932
Amortization of debt issuance costs 373 574
Discount on investments 18,048 (2,424)
Changes in operating assets and liabilities:    
Vendor receviable 173,499
Prepaid expenses and other current assets 151,999 70,019
Accounts payable 268,700 324,432
Accrued liabilities (59,235) (826,920)
Accrued payroll and other compensation (307,994) (36,785)
Net cash used in operating activities (2,518,809) (4,139,387)
Cash flows from investing activities:    
Payment for security deposit (6,976) (2,217)
Purchases of investments (21,983,000) (8,029,000)
Proceeds from redemptions of investments 21,255,000 10,152,000
Net cash (used in) provided by investing activities (734,976) 2,120,783
Cash flows from financing activities:    
Proceeds from the At-the-Market Offering, net 200,624
Proceeds from exercise of warrants 67,536
Repayment of promissory notes (375,000) (85,000)
Proceeds from exercise of employee stock options 958,847
Net cash (used in) provided by financing activities (174,376) 941,383
Net decrease in cash and cash equivalents (3,428,161) (1,077,221)
Cash at beginning of period 4,992,145 2,894,575
Cash at end of period 1,563,984 1,817,354
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 114,411 $ 20,437

Source