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, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (37,983,496) $ (28,601,254)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 192,375 148,435
Stock-based compensation 2,410,288 1,452,964
Loss on disposal of fixed assets   3,386
Costs to issue warrants 470,000  
Gain on valuation of warrants (1,000,000)  
Noncash lease expense 58,051 90,432
Changes in:    
Prepaid expenses and other current assets (173,548) 204,242
Accounts payable and accrued liabilities 3,700,202 1,623,529
Lease liability (50,846) (144,035)
Cash used in operating activities (32,376,974) (25,222,301)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (864,038) (225,971)
Cash used in investing activities (864,038) (225,971)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of preferred stock and warrants, net of issuance costs 22,150,000 9,610,655
Proceeds from exercise of warrants 789,642  
Cash provided by financing activities 22,939,642 9,610,655
DECREASE IN CASH AND CASH EQUIVALENTS (10,301,370) (15,837,617)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 19,866,358 35,703,975
CASH AND CASH EQUIVALENTS AT END OF PERIOD 9,564,988 $ 19,866,358
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Conversion of preferred stock to common stock 13,242,368  
Conversion of mezzanine equity to permanent equity (Note 6) $ 17,920,000