v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (4,422,587) $ (7,121,914)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued interest and interest expense related to note conversions 33,175 9,146
Amortization of original issue discount and debt issuance costs 1,197,200
Change in fair value of liability classified warrants (23,175) (279,873)
Change in fair value of convertible notes (146,479)
Stock-based compensation 80,574 250,224
Lease cost (135)
Changes in operating assets and liabilities:    
Unbilled receivable (1,685,244) 169,083
Prepaid expenses and other assets (1,729,252) 1,235,252
Accounts payable (57,666) (2,027,375)
Accrued expenses and other liabilities (131,635) (1,066,036)
Net cash used in operating activities (6,738,610) (8,978,107)
Cash flows from financing activities:    
Proceeds public offerings, net 1,670,001 9,050,004
Proceeds from warrant exercises 2,075,219
Proceeds from warrant inducement, net of issuance costs 8,103,943
Transaction costs associated with public offerings (447,879)
Transaction costs associated with public offering and warrant inducements (1,319,115)
Repayments of convertible notes (485,190) (1,000,208)
Repayment of financed insurance premiums (276,260) (307,131)
Net cash provided by financing activities 9,768,598 7,294,786
Increase (decrease) in cash and cash equivalents 3,029,988 (1,683,321)
Cash and cash equivalents beginning of period 1,123,604 3,147,702
Cash and cash equivalents end of period 4,153,592 1,464,381
Supplemental disclosure of non-cash investing and financing activities:    
Incremental fair value of August 2024 Warrant Inducement 10,210,616
Incremental fair value of February 2024 Warrant Inducement 5,167,372
Conversions of convertible notes into common stock 1,168,600 3,056,892
Proceeds from financed insurance premiums, net 232,155 445,737
Transaction costs from warrant inducement and public offering included in accounts payable 125,641
Deemed dividend related to warrants down round provision 290 12,038
Settlement of commitment fee in shares $ 400,000

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