Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (24,122,362) $ (15,094,172)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense 1,124,190 467,541
Gain on extinguishment of debt   (185,280)
Loss on disposal of asset 2,937  
Noncash lease expense 77,721 66,476
Changes in:    
Prepaid expenses and other current assets (93,053) (3,480)
Accounts payable and accrued liabilities 411,717 780,604
Lease liability (119,903) (105,885)
Cash used in operating activities (22,568,838) (13,932,743)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (141,361) (62,353)
Cash used in investing activities (141,361) (62,353)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long-term obligations   184,000
Proceeds from issuance of common stock, net of underwriting issuance costs 34,873 59,719,256
Issuance of common stock in connection with exercise of pre-funded warrants 1,213,924 642,495
Cash provided by financing activities 1,248,797 60,545,751
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (21,461,402) 46,550,655
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 57,165,377 10,614,722
CASH AND CASH EQUIVALENTS AT END OF PERIOD 35,703,975 57,165,377
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense   1,584
Gain on extinguishment of debt   $ 185,280
Conversion of preferred stock to common stock $ 18,653,826