Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 11,413,759 $ 1,360,638
Accounts and other receivables, net 10,489 1,530
Inventory 5,540
Prepaid expenses and other current assets 531,899 76,065
Total current assets 11,961,687 1,438,233
Deferred offering costs 7,942
Property and equipment, net 214,438 4,633
Other assets 6,000 2,500
Total assets 12,182,125 1,453,308
Current liabilities:    
Accounts payable 345,042 230,407
Accrued expenses 541,894 483,501
Accrued interest 1,121,392
Current portion of Paycheck Protection Program loan 52,074
Loan payable 251,746
Convertible notes payable at fair value 11,152,151
Total current liabilities 1,138,682 13,039,525
Paycheck Protection Program loan, less current portion 160,184
Total liabilities 1,138,682 13,199,709
Commitments and contingencies (See Note 9)  
Convertible preferred stock, par value $0.001 per share; 20,000,000 shares authorized; 0 and 756,558 shares issued and outstanding, aggregate liquidation preference of $0 and $5,825,648 at December 31, 2022 and 2021, respectively 4,044,318
Stockholders’ equity (deficit):    
Preferred stock, no shares issued or outstanding at December 31, 2022 and 2021, respectively
Common Stock, par value $0.007 per share; 14,285,714 shares authorized; 8,381,324 and 2,677,140 shares issued and outstanding as of December 31, 2022 and 2021, respectively 58,669 18,740
Additional paid-in capital 47,652,242 12,703,896
Accumulated deficit (36,667,468) (28,513,355)
Total stockholders’ equity (deficit) 11,043,443 (15,790,719)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) $ 12,182,125 $ 1,453,308