Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (6,479,530) $ (749,525)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,852 4,023
Accretion of debt issuance costs 1,972,948
Fair value adjustments on convertible notes payable 1,866,922 (924,099)
Stock-based compensation expense 211,745 132,531
Gain on extinguishment of debt (212,258) (239,200)
Changes in operating assets and liabilities:    
Accounts and other receivables (8,400)
Inventory (5,715)
Prepaid expenses and other assets (502,177) (51,760)
Accounts payable (80,725) 68,100
Accrued expenses (1,524) (269)
Accrued interest 465,653 363,661
Net cash used in operating activities (2,770,209) (1,396,538)
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 555,148 212,258
Payment on loans payable (31,612)
Proceeds from issuance of convertible notes payable 724,000 1,345,000
Repayment of convertible loan payable (100,000)
Payment of debt issuance costs (55,651)
Net cash provided by financing activities 14,907,509 1,557,258
Net increase in cash and cash equivalents 12,137,300 160,720
Cash and cash equivalents at beginning of period 1,360,638 83,108
Cash and cash equivalents at end of period 13,497,938 243,828
Supplemental disclosures of cash flow information:    
Income taxes paid in cash 2,459 1,950
Interest expense paid in cash 3,945
Noncash financing activities:    
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 352,250
Beneficial conversion feature for bridge notes $ 379,665