v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (2,191,806) $ (950,925)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of asset (4,500)
Accrued interest 1,497 15,021
Change in fair value of convertible notes (146,479) (2,767,178)
Change in fair value of liability classified warrants (219,028) (2,794,398)
Loss on debt conversions 1,702,642
Stock-based compensation 117,133 402,434
Lease cost (46) (46)
Changes in operating assets and liabilities:    
Unbilled receivable (12,491) (366,880)
Prepaid expenses and other assets 242,594 581,840
Accounts payable (1,345,624) 658,526
Accrued expenses and other liabilities (52,669) 86,450
Net cash used in operating activities (3,606,919) (3,437,014)
Cash flows from investing activities:    
Proceeds from sale of assets 4,500
Net cash provided by investing activities 4,500
Cash flows from financing activities:    
Proceeds public offering, net 2,689,052
Transaction costs associated with public offering (194,043)
Repayment of convertible notes (415,351)
Repayment of financed insurance premiums (204,676) (391,270)
Net cash provided by (used in) financing activities 1,874,982 (391,270)
Decrease in cash and cash equivalents (1,731,937) (3,823,784)
Cash and cash equivalents beginning of period 3,147,702 12,264,736
Cash and cash equivalents end of period 1,415,765 8,440,952
Supplemental cash flow information:    
Income tax payments
Supplemental disclosure of non-cash investing and financing activities:    
Stock-based compensation 1,742,479
Conversions of convertible notes into common stock 3,056,892 6,372,701
Cash true-up liability 584,857
Settlement of commitment fee in shares 400,000
Deemed dividend related to warrants down round provision $ 8,309 $ 715,579

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