v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,867,765) $ (4,121,774)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 3,418 1,989
Non-cash lease adjustments 40,025 36,151
Stock-based compensation 333,530 267,004
Amortization (accretion) of investment premiums (discount) (60,018) 51,400
Foreign currency remeasurement loss (gain) 38,194 (22,110)
Realized loss on redemptions of marketable securities 37,960
Unrealized (gain) loss on equity securities (42,150) 195,950
Changes in assets and liabilities:    
Prepaid expenses and other current assets (117,638) (440,165)
Accounts payable and accrued expenses (67,300) 742,523
Operating lease liabilities (40,332) (38,698)
Other assets (15,080)
Net cash flows used in operating activities (3,757,156) (3,327,730)
INVESTING ACTIVITIES    
Purchase of fixed assets (8,876)
Purchases of marketable securities (3,102,001)
Redemptions of marketable securities 2,150,000 176,519
Net cash flows (used in) / provided by investing activities (960,877) 176,519
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 (4,983) 2,278
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD (4,723,016) (5,331,431)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 37,742,966 52,524,295
CASH, CASH EQUIVALENTS AND RESTRICTED CASH 33,019,950 47,192,864
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 32,478,770 46,651,684
Restricted cash 541,180 541,180
Non-cash investing and financing activities    
Operating lease right-of-use asset acquired through operating lease liability 48,811
Remeasurement of operating lease right-of-use asset and operating lease liability 198,847
Unrealized gain (loss) on debt securities $ 50,773 $ (212,488)

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