Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (12,175,208) $ (15,475,776)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 99,247 140,914
Gain on disposal of assets (6,449)
Stock-based compensation 1,663,911 2,543,712
Amortization of debt discount 8,350 31,687
Amortization of debt issuance costs 373 1,405
Discount on investments 32,275 (1,600)
Changes in operating assets and liabilities:    
Vendor receivable 145,999 (173,499)
Prepaid expenses and other current assets 73,699 (113,688)
Accounts payable (191,889) (355,606)
Accrued liabilities 131,848 (945,721)
Accrued payroll and other compensation (228,648) (99,021)
Net cash used in operating activities (10,446,492) (14,447,193)
Cash flows from investing activities:    
Purchases of property and equipment (6,397)
Net proceeds from the sale of property and equipment 103,531
Payment for security deposit 6,048 (2,217)
Patent costs (2,359)
Purchases of investments (56,650,000) (43,601,000)
Proceeds from redemptions of investments 68,065,000 40,469,000
Net cash provided by (used in) investing activities 11,524,579 (3,142,973)
Cash flows from financing activities:    
Proceeds from ESPP plan 25,025 16,814
Proceeds from public offering 15,000,000
Costs of public offering (1,178,830)
Proceeds from the At-the-Market Offering 216,393 2,980,595
Costs of the At-the-Market Offering (5,851) (95,809)
Proceeds from exercise of warrants 2,089,476
Repayment of promissory notes (375,000) (365,000)
Proceeds from exercise of employee stock options 1,240,490
Reverse stock split fractional share payment (68)
Net cash (used in) provided by financing activities (139,501) 19,687,736
Net increase in cash and cash equivalents 938,586 2,097,570
Cash and cash equivalents at beginning of period 4,992,145 2,894,575
Cash and cash equivalents at end of period 5,930,731 4,992,145
Supplemental disclosure of cash flow information:  
Cash paid for income taxes 1,332 1,332
Cash paid for interest $ 114,411 $ 89,908