XML 18 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (4,929,525) $ (5,591,365)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 70,301 49,514
Amortization of right-of-use assets 108,009 143,164
Realized losses, net, on investment securities 73,466 103,084
Stock-based compensation (30,679) 338,708
Realization of deferred income tax asset 1,280,385 1,567,026
Amortization of deferred finance charges and debt discount associated with notes payable 44,693
Net changes in:    
Accrued interest on investment securities 12,577
Advances, deposits, and other current assets 259,561 (11,204)
Accounts payable and accrued liabilities (2,705,402) (638,791)
Net cash used in operating activities (5,873,884) (3,982,594)
Cash flows from investing activities:    
Purchases of investment securities (105,949) (3,526,656)
Proceeds from sale and maturity of investment securities 2,500,000 4,000,000
Purchases of property and equipment (11,755) (57,142)
Net cash provided by investing activities 2,382,296 416,202
Cash flows from financing activities:    
Proceeds from sale of common stock equity, net of issuance costs 2,474,364
Net cash provided by financing activities 2,474,364
Net change in cash and cash equivalents (3,491,588) (1,092,028)
Cash and cash equivalents at beginning of period 5,838,566 17,492,841
Cash and cash equivalent at end of period 2,346,978 16,400,813
Supplemental disclosures of cash flow information:    
Interest paid 179,542
Non-Cash Investing and Financing Activities    
Recognition of Operating Lease Right of Use Asset and Liability $ 1,911,049