XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (6,886,707) $ (4,216,170)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 64,806 61,417
Amortization of debt discount 3,936
Amortization of right-of-use assets 139,738 140,921
Accrued interest on convertible notes 165,939 31,512
Stock based compensation 77,588 110,809
Change in fair value of warrant liability 88,711 (35)
Change in fair value of convertible notes 3,630,100
Forgiveness of accounts payable (56,285)
Loss on disposal of property and equipment 7,923
Changes in operating assets and liabilities:    
Accounts Receivable (262,300) 134,800
Prepaid expenses 111,610 (124,465)
Other assets (237) 165
Tax credits receivable 27,220 (227,955)
Accounts payable and accrued expenses (149,781) 134,028
Operating lease liability (136,624) (133,491)
Contract liabilities 154,700 (15,000)
Net cash used by operating activities (3,031,522) (4,091,605)
Cash flows from investing activities:    
Purchases of property and equipment (17,578) (31,453)
Proceeds from sale of property and equipment 4,250
Capitalization of deferred patent costs (119,170) (117,673)
Capitalization of licenses (15,263) (57,372)
Capitalization of patent and trademark costs (10,127) (585)
Net cash used in investing activities (162,138) (202,833)
Cash flows from financing activities:    
Proceeds from initial public offering, net 5,991,359
Proceeds from exercise of stock options 1,510
Net cash provided by financing activities 5,991,359 1,510
Net change in cash and cash equivalents 2,797,699 (4,292,928)
Cash and cash equivalents at beginning of the period 3,492,656 8,044,262
Cash and cash equivalents at end of the period 6,290,355 3,751,334
Non-cash transactions:    
Obtaining a right-of-use asset in exchange for lease liability 1,418,502
Conversion of note to common stock 9,495,152
Conversion of note to Series B Convertible Preferred Stock $ 1,124,759