v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities    
Net loss $ (8,243,740) $ (4,679,035)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 484 6,334
Non-cash lease expense for right-of-use assets 62,624 59,875
Non-cash acquisition of in-process research and development 300,000 2,000,000
Amortization of debt issuance costs 157,129
Amortization of intangible asset 593,365 596,496
Deferred income tax benefit (348,859) (286,421)
Stock-based compensation 2,257,863 357,039
Forgiveness of PPP loan and related accrued interest (163,771)
Net changes in operating assets and liabilities:    
Prepaid expenses and other (664,417) 272,750
Operating lease liability (64,121) (58,881)
Accrued interest 362 67,802
Accounts payable 34,283 351,839
Due to related parties 84,872 102,875
Other receivables 6,750
Accrued expenses 153,984 184,359
Net cash used in operating activities (5,990,321) (867,839)
Cash Flows From Financing Activities    
Net proceeds from private placement 9,875,550
Borrowings on line of credit payable from related party 700,000
Proceeds received from our Paycheck Protection Program note payable 162,459
Shares withheld to pay taxes  on stock-based compensation (27,980)
Other (180,285) (360,728)
Net cash provided by financing activities 9,667,285 501,731
Net Increase (Decrease) in Cash 3,676,964 (366,108)
Cash and Cash Equivalents – Beginning of Period 15,416,224 691,536
Cash and Cash Equivalents – End of Period $ 19,093,188 $ 325,428

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