Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (5,986,741) $ (9,261,709)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 65,044 72,864
Stock-based compensation 891,379 1,278,002
Amortization of debt discount 8,350 23,339
Amortization of debt issuance costs 373 1,035
Discount on investments 36,687 (1,961)
Changes in operating assets and liabilities:    
Vendor receviable 173,499
Prepaid expenses and other current assets (540,753) (632,156)
Accounts payable (63,388) 1,130,810
Accrued liabilities (119,354) (955,720)
Accrued payroll and other compensation (395,742) (121,518)
Net cash used in operating activities (5,930,646) (8,467,014)
Cash flows from investing activities:    
Purchases of property and equipment (6,398)
Payment for security deposit (6,976) (2,217)
Purchases of investments (34,140,000) (18,251,000)
Proceeds from redemptions of investments 38,138,000 24,152,000
Net cash provided by investing activities 3,991,024 5,892,385
Cash flows from financing activities:    
Proceeds from the At-the-Market Offering, net 200,624 621,822
Proceeds from exercise of warrants 67,536
Repayment of promissory notes (375,000) (365,000)
Proceeds from exercise of employee stock options 958,847
Net cash (used in) provided by financing activities (174,376) 1,283,205
Net decrease in cash and cash equivalents (2,113,998) (1,291,424)
Cash and cash equivalents at beginning of period 4,992,145 2,894,575
Cash and cash equivalents at end of period 2,878,147 1,603,151
Supplemental disclosure of cash flow information:    
Cash paid for income taxes   1,332
Cash paid for interest $ 114,411 $ 89,908