Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.23.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities:    
Net loss $ (7,825,237) $ (4,570,576)
Adjustments required to reconcile net loss to net cash used in operating activities:    
Amortization 3,612 3,612
Stock-based compensation 1,743,865 660,582
Changes in operating assets and liabilities:    
Accounts payable (526,732)
Accrued interest 36,606
Unreimbursed expenses (accrued) (122,267) 104,960
Net cash used in operating activities (6,200,027) (4,291,548)
Financing activities:    
Net proceeds from exercise of Green Shoe from follow-on offering and exercise of underwriter warrants 3,110,596
Repurchase of common stock via stock repurchase program, net of costs (7,536,216)
Advance from related party/shareholder (275,154)
Net cash provided by (used in) financing activities (7,536,216) 2,835,442
Net increase (decrease) in cash (13,736,243) (1,456,106)
Cash, beginning of period 27,204,269 28,660,375
Cash, end of period $ 13,468,026 $ 27,204,269