Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,452,295) $ (477,276)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,343 536
Stock based compensation 245,519 18,460
Changes in assets and liabilities:    
Prepaid expenses and other current assets (103,080) (131,357)
Deferred offering costs (72,380)
Accounts payable and accrued expenses 164,074 (41,031)
Net cash flows used in operating activities (2,144,439) (703,048)
FINANCING ACTIVITIES    
Proceeds from issuance of common and preferred stock 68,999,994
Issuance costs (4,783,816)
Proceeds from stock option and warrant exercises 72,754 52,000
Borrowings from notes payable 66,218
Payments on notes payable (12,953)
Net cash flows provided by financing activities 64,288,932 105,265
CHANGE IN CASH FOR THE PERIOD 62,144,493 (597,783)
CASH, BEGINNING OF PERIOD 19,229,232 1,232,030
CASH, END OF PERIOD 81,373,725 634,247
Non-cash financing activities:    
Application of deferred offering costs to public offering proceeds $ (49,324)