v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (950,925) $ (911,692)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 51
Gain on sale of asset (4,500)
Accrued interest 15,021 173,422
Accretion of discounts on promissory notes 174,413
Change in fair value of embedded derivative 39,586
Change in fair value of liability classified warrants (2,794,398)
Change in fair value of convertible notes (2,767,178)
Stock-based compensation 402,434 43,820
Lease cost (46) (589)
Loss on debt conversions 1,702,642
Changes in operating assets and liabilities:    
Unbilled receivable (366,880)
Prepaid expenses and other assets 581,840 51,244
Accounts payable 658,526 (92,184)
Accrued expenses and other liabilities 86,450 4,780
Net cash used in operating activities (3,437,014) (517,149)
Cash flows from investing activities:    
Proceeds from sale of asset 4,500
Net cash provided by investing activities 4,500
Cash flows from financing activities:    
Proceeds from issuance of promissory notes 50,000
Proceeds from issuance of promissory notes to related parties 300,000
Proceeds from exercise of stock options 262,862
Repayment of financed insurance premiums (391,270)
Net cash (used in) provided by financing activities (391,270) 612,862
Increase (decrease) in cash and cash equivalents (3,823,784) 95,713
Cash and cash equivalents beginning of period 12,264,736 194,214
Cash and cash equivalents end of period 8,440,952 289,927
Supplemental cash flow information:    
Income tax payments 1,600
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of embedded derivative at issuance 3,052
Deferred transaction costs in accounts payable 596,975
Deferred transaction costs in accrued expenses and other liabilities 200,927
Stock-based compensation 1,742,479  
Conversions of convertible notes into common stock 6,372,701
Deemed dividend related to warrants down round provision $ 715,579

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