Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (4,072,094) $ (3,272,963)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 300,707 43,236
Stock-based compensation expense 569,907 327,868
Changes in operating assets and liabilities:    
Accounts and other receivables (783,952) (79,743)
Inventory (11,284) (4,561)
Prepaid expenses and other assets 63,676 251,292
Accounts payable 243,313 (170,638)
Accrued expenses (180,718) (26,231)
Unearned revenue (6,923) 42,750
Operating lease right-of-use asset (1,032)
Net cash used in operating activities (3,878,400) (2,888,990)
Cash flows from investing activities    
Purchase of property and equipment (69,672) (36,175)
Net cash used in investing activities (69,672) (36,175)
Cash flows from financing activities    
Proceeds from issuance of common stock from direct offering, net of underwriting discounts, commissions and offering expenses of $495,000 2,005,000
Proceeds from exercised stock options 74,899
Proceeds from exercise of warrants 147
Payment on loans payable (209,412)
Proceeds from loans payable 26,872
Principal repayments on finance leases (179,105)
Net cash provided by (used in) financing activities 1,927,813 (209,412)
Net decrease in cash and cash equivalents (2,020,259) (3,134,577)
Cash and cash equivalents at beginning of period 2,821,570 11,413,759
Cash and cash equivalents at end of period 801,311 8,279,182
Supplemental disclosures of cash flow information:    
Interest expense paid in cash 45,799 3,015
Income taxes paid in cash $ 9,091 $ 16,406