v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (8,614,163) $ (8,614,160)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 6,929 4,374
Non-cash lease adjustments 80,272 72,300
Stock-based compensation 725,920 556,537
Amortization (accretion) of investment premiums (discount) (86,578) 67,510
Foreign currency remeasurement loss 50,633 63,987
Realized loss on redemptions of marketable securities 60,909 48,690
Unrealized (gain) loss on equity securities (12,050) 357,100
Changes in assets and liabilities:    
Prepaid expenses and other current assets 415,114 (1,562,090)
Accounts payable and accrued expenses 111,774 3,023,686
Operating lease liabilities (79,867) (78,298)
Other assets (7,980)
Net cash flows used in operating activities (7,349,087) (6,060,364)
INVESTING ACTIVITIES    
Purchase of fixed assets (8,876) (14,178)
Purchases of marketable securities (5,909,244) (2,004,731)
Redemptions of marketable securities 4,500,000 1,669,680
Net cash flows used in investing activities (1,418,120) (349,229)
FINANCING ACTIVITIES    
Repurchase of shares including commissions (2,482,286)
Proceeds from stock option and warrant exercises 299,788
Net cash flows used in financing activities (2,182,498)
Effect of foreign exchange rates on cash (11,409) (28,156)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD (8,778,616) (8,620,247)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 37,742,966 52,524,295
CASH, CASH EQUIVALENTS AND RESTRICTED CASH 28,964,350 43,904,048
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 28,423,170 43,362,868
Restricted cash 541,180 541,180
Non-cash investing and financing activities    
Operating lease right-of-use asset acquired through operating lease liability 141,989
Remeasurement of operating lease right-of-use asset and operating lease liability 198,847
Unrealized gain (loss) on debt securities $ 84,536 $ (276,271)

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