Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,908,190) $ (2,428,185)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 3,388 1,627
Stock based compensation 1,192,241 117,760
Accounts receivable
Prepaid expenses & other current assets (1,006,902) (788)
Deferred offering costs (49,325) (191,000)
Accounts payable and accrued expenses 117,167 372,663
Net cash flows used in operating activities (5,651,621) (2,127,923)
INVESTING ACTIVITIES    
(Purchase) sale of property and equipment (16,137) (5,717)
Net cash flows (used in) provided by investing activities (16,137) (5,717)
FINANCING ACTIVITIES    
Proceeds from issuance of common and preferred stock 26,250,000 2,920,507
Issuance costs (2,745,279)
Proceeds from stock option exercise 52,000
Preferred stock converted to common stock net of fractional shares adjustment (261)  
Borrowings on notes payable 169,049
Payments on notes payable (169,049)
Borrowings on PPP loan payable 108,500
Net cash flows provided by financing activities 23,664,960 2,920,507
CHANGE IN CASH FOR THE YEAR 17,997,202 786,867
CASH, BEGINNING OF YEAR 1,232,030 445,163
CASH, END OF YEAR 19,229,232 1,232,030
Non-cash financing activities    
Conversion of SAFE agreements to Series A preferred stock 535,000
Deferred offering costs applied to net offering proceeds (85,000)
Deferred offering costs recorded in AP and accrued expenses $ 51,880