v3.24.1.1.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (3,116,563) $ (2,191,806)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued interest and interest expense related to note conversions 27,283 1,497
Amortization of original issue discount and debt issuance costs 1,171,465
Change in fair value of convertible notes (146,479)
Change in fair value of liability classified warrants (8,955) (219,028)
Stock-based compensation 33,207 117,133
Lease cost (46)
Changes in operating assets and liabilities:    
Unbilled receivable 1,337 (12,491)
Prepaid expenses and other assets (86,697) 242,594
Accounts payable (1,295,655) (1,345,624)
Accrued expenses and other liabilities (133,825) (52,669)
Net cash used in operating activities (3,408,403) (3,606,919)
Cash flows from financing activities:    
Proceeds public offering, net 2,689,052
Proceeds from warrant exercises 2,075,219
Proceeds from warrant inducement, net of issuance costs 4,718,295
Transaction costs associated with public offering (194,043)
Transaction costs associated with warrant inducement (465,494)
Repayment of convertible notes (485,190) (415,351)
Repayment of financed insurance premiums (153,682) (204,676)
Net cash provided by financing activities 5,689,148 1,874,982
Increase (decrease) in cash and cash equivalents 2,280,745 (1,731,937)
Cash and cash equivalents beginning of period 1,123,604 3,147,702
Cash and cash equivalents end of period 3,404,349 1,415,765
Supplemental cash flow information:    
Income tax payments
Supplemental disclosure of non-cash investing and financing activities:    
Incremental fair value of February 2024 warrant inducement 5,167,372
Conversions of convertible notes into common stock 1,168,600 3,056,892
Transaction costs from warrant inducement 341,368
Deemed dividend related to warrants down round provision 290 8,309
Cash true-up liability 584,857
Settlement of commitment fee in shares $ 400,000

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