v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (8,874,044) $ (1,909,303)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 101
Gain on sale of asset (4,500)
Accrued interest 28,677 312,197
Accretion of discounts on promissory notes 945,969
Change in fair value of embedded derivative (673,314)
Change in fair value of liability classified warrants (2,942,791)
Change in fair value of convertible notes (2,678,415) 347,566
Stock-based compensation 698,013 80,193
Lease cost (91) (1,177)
Loss on debt conversions 2,595,278
Changes in operating assets and liabilities:    
Unbilled receivable 165,090 (75,354)
Prepaid expenses and other assets (158,499) 103,245
Accounts payable 2,746,933 347,420
Accrued expenses and other liabilities 546,841 (127,004)
Net cash used in operating activities (7,877,508) (649,461)
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 350,000
Proceeds from exercise of stock options 262,862
Repayments of convertible notes (265,812)
Proceeds from issuance of common stock for business combination 7,804,167
Repayment of financed insurance premiums (391,270)
Net cash (used in) provided by financing activities (657,082) 8,467,029
Increase (decrease) in cash and cash equivalents (8,530,090) 7,817,568
Cash and cash equivalents beginning of period 12,264,736 194,214
Cash and cash equivalents end of period 3,734,646 8,011,782
Supplemental cash flow information:    
Income tax payments 1,600 1,600
Supplemental disclosure of non-cash investing and financing activities:    
Transaction costs for business combination included in accounts payable offset against additional paid-in capital 1,200,412
Deferred transaction costs for convertible notes 82,819
Stock-based compensation 1,742,479
Conversions of convertible notes into common stock 11,198,754 5,696,703
Net assets acquired in business combination 1,068,950
Deemed dividend related to warrants down round provision $ 818,059

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