Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities    
Net Loss $ (27,424,229) $ (11,427,534)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 484
Non-cash lease expense for right-of-use assets 85,518 84,377
Non-cash milestone expense in connection with license agreement 189,000
Non-cash acquisition of in-process research and development 300,000
Amortization of debt issuance costs 115,613
Amortization of intangible asset 788,495 790,488
Impairment of intangible asset 7,268,143
Deferred income tax (benefit) expense (530,611)
Stock-based compensation 8,828,713 3,408,015
Forgiveness of Payroll Protection Program loan and related accrued interest (163,771)
Net changes in operating assets and liabilities:    
Prepaid expenses and other 210,549 (1,018,095)
Operating lease liability (87,937) (87,200)
Accounts payable 108,643 (101,789)
Due (from) to related parties (1,721) 86,644
Other receivables 70,274 6,750
Accrued expenses 243,796 (65,049)
Net cash (used in) operating activities (9,605,143) (8,717,291)
Cash Flows From Financing Activities    
Net proceeds from common stock sold 10,049,537
Shares withheld to pay taxes on stock-based compensation (88,843) (64,396)
Acquisition of treasury stock (300,000)
Other (186,493)
Net cash (used in) provided by financing activities (388,843) 9,798,648
Net (Decrease) Increase in Cash and Cash Equivalents (9,993,986) 1,081,357
Cash and Cash Equivalents - Beginning of Year 16,497,581 15,416,224
Cash and Cash Equivalents - End of Year 6,503,595 16,497,581
Supplemental Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
Non-Cash Financing Activities    
Issuance of 17,572 shares of common stock in satisfaction of accrued director fees 120,000
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park 450,000
Issuance of 100,000 shares of common stock in connection with a licensing agreement which had previously been recorded as a due to licensor 400,000 400,000
Right-of-use asset obtained in exchange for operating lease liability (238,924)
Operating lease liability 238,924  
Net