Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (1,532,790) $ (1,472,020)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 21,685 1,039
Accretion of debt issuance costs 978,217
Fair value adjustments on convertible notes payable (404,194)
Stock-based compensation expense 157,613 106,047
Changes in operating assets and liabilities:    
Accounts and other receivables (538) (5,331)
Inventory (5,795) (5,803)
Prepaid expenses and other assets 89,847 11,143
Accounts payable (198,505) 17,284
Accrued expenses (60,558) (29,649)
Accrued interest 169,300
Net cash used in operating activities (1,529,041) (633,967)
Cash flows from investing activities    
Purchase of equipment (32,314)
Net cash used in investing activities (32,314)
Cash flows from financing activities    
Payment on loan payable (83,316)
Proceeds from issuance of convertible notes payable 475,000
Payment of deferred offering costs (117,986)
Payment of debt issuance costs (55,651)
Net cash (used in) provided by financing activities (83,316) 301,363
Net decrease in cash and cash equivalents (1,644,671) (332,604)
Cash and cash equivalents at beginning of period 11,413,759 1,360,638
Cash and cash equivalents at end of period 9,769,088 1,028,034
Supplemental disclosures of cash flow information:    
Income taxes paid in cash 11,819 2,159
Interest expense paid in cash 1,655
Noncash financing activities:    
Fair value of warrants issued to placement agents 217,973
Beneficial conversion feature for bridge notes $ 213,942