XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (6,574,359) $ (8,829,996)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 97,950 97,390
Amortization of debt discount 0
Amortization of right-of-use assets 234,537 219,658
Change in foreign currency rates on remeasurement of Canadian fixed assets (14,199) 0
Accrued interest on convertible notes 0 165,939
Stock based compensation 211,875 116,661
Change in fair value of warrant liability (4,033,996) (9,350)
Loss on issuance of common stock 2,132,800 0
Change in fair value of convertible notes 0 3,630,100
Forgiveness of accounts payable 0 (56,285)
Loss on disposal of property and equipment 4,859 41,417
Impairment of intangible assets and deferred patent costs 442,793 351,360
Changes in operating assets and liabilities:    
Accounts receivable 98,255 182,820
Prepaid expenses 83,584 (249,037)
Other assets 229 (39)
Tax credits receivable 108,460 29,141
Income tax receivable 6,836 0
Accounts payable and accrued expenses (165,380) (143,662)
Financing lease liability 0 0
Operating lease liability (231,783) (213,285)
Contract liabilities 0 (156,000)
Net cash used in operating activities (7,597,539) (4,823,168)
Cash flows from investing activities:    
Purchases of property and equipment (8,569) (22,882)
Proceeds from sale of property and equipment 0 0
Deferred patent costs (255,145) (208,723)
Capitalization of licenses 0 (13,096)
Capitalization of patent and trademark costs 0 (13,573)
Net cash used in investing activities (263,714) (258,274)
Cash flows from financing activities    
Proceeds from convertible notes, net of issuance costs 0 0
Payment of deferred issuance costs (37,477) 0
Principal payments on finance leases (10,816) (2,246)
Proceeds from public offerings, net 13,354,691 5,991,359
Proceeds from exercise of stock options 19,100 0
Net cash provided by financing activities 13,325,498 5,989,113
Net change in cash and cash equivalents 5,464,245 907,671
Cash and cash equivalents at beginning of period 1,795,989 3,492,656
Cash and cash equivalents at end of period 7,260,234 4,400,327
Supplemental disclosure of non-cash investing and financing information:    
Obtaining a right-of-use asset in exchange for financing lease liability 0 46,452
Conversion of note to common stock 0 9,495,152
Conversion of note to Series B Convertible Preferred Stock $ 0 $ 1,124,759