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 ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (1,961,815) $ (1,532,790)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 149,637 21,684
Stock-based compensation expense 283,712 157,613
Changes in operating assets and liabilities:    
Accounts and other receivables (311,935) (538)
Inventory 8,997 (5,795)
Prepaid expenses and other assets (23,883) 89,847
Accounts payable (220,796) (198,505)
Accrued expenses (266,492) (60,557)
Unearned revenue (2,884)
Operating lease right-of-use asset (516)
Net cash used in operating activities (2,345,975) (1,529,041)
Cash flows from investing activities    
Purchase of property and equipment (41,387) (32,314)
Net cash used in investing activities (41,387) (32,314)
Cash flows from financing activities    
Proceeds from issuance of common stock from direct offering, net of underwriting discounts, commissions and offering expenses of approximately $495,000 2,005,000
Proceeds from exercised stock options 74,899
Proceeds from loans payable 27,723
Payment on loans payable (83,316)
Principal repayments on finance leases (88,665)
Net cash provided by (used in) financing activities 2,018,957 (83,316)
Net decrease in cash and cash equivalents (368,405) (1,644,671)
Cash and cash equivalents at beginning of period 2,821,570 11,413,759
Cash and cash equivalents at end of period 2,453,165 9,769,088
Supplemental disclosures of cash flow information:    
Interest expense paid in cash 23,550 11,819
Income taxes paid in cash $ 3,672 $ 1,655