Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (5,563,847) $ (6,479,530)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 100,805 2,852
Accretion of debt issuance costs 1,972,948
Fair value adjustments on convertible notes payable 1,866,922
Stock-based compensation expense 514,313 211,745
Gain on extinguishment of debt (212,258)
Changes in operating assets and liabilities:    
Accounts and other receivables 71,840 (8,400)
Inventory (4,368) (5,715)
Prepaid expenses and other assets 152,768 (502,177)
Accounts payable 406,836 (80,725)
Accrued expenses (144,013) (1,524)
Accrued interest 465,653
Unearned revenue 38,250
Operating lease right-of-use asset 5,913
Net cash used in operating activities (4,421,503) (2,770,209)
Cash flows from investing activities    
Purchase of property and equipment (36,344)
Acquisition of subsidiary, net cash acquired (2,186,497)
Net cash used in investing activities (2,222,841)
Cash flows from financing activities    
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses of approximately $1.8 million 6,027,414
Exercise of warrants 7,713,310
Exercise of stock options 74,900
Proceeds from loans payable 555,148
Payment on loans payable (251,746) (31,612)
Principle repayments on finance leases (8,433)
Proceeds from issuance of convertible notes payable 724,000
Repayment of convertible loan payable (100,000)
Payment of debt issuance costs (55,651)
Net cash (used in) provided by financing activities (260,179) 14,907,509
Net (decrease)/increase in cash and cash equivalents (6,904,523) 12,137,300
Cash and cash equivalents at beginning of period 11,413,759 1,360,638
Cash and cash equivalents at end of period 4,509,236 13,497,938
Supplemental disclosures of cash flow information:    
Interest expense paid in cash 11,801 2,459
Income taxes paid in cash 18,700 3,945
Noncash investing and financing activities:    
Common stock issuance for acquisition of subsidiary 1,000,000
Conversion of convertible preferred stock into common stock 4,044,318
Conversion of convertible notes payable into common stock 16,065,332
Fair value of warrants issued to placement agents 383,696
Beneficial conversion feature for bridge notes $ 348,219