Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (18,570,317)
|
$ (2,958,068)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
38,521
|
19,656
|
| Debt discount amortization |
|
124,185
|
| Stock-based compensation expense |
369,987
|
64,463
|
| Warrant issued for technology license fee |
209,825
|
|
| Gain on debt extinguishment |
(172,056)
|
|
| Changes in assets and liabilities: |
|
|
| Grant funds and other receivables |
133,657
|
(114,060)
|
| Prepaid expenses and other current assets |
(16,270)
|
(24,702)
|
| Accounts payable and accrued expenses |
6,810,233
|
137,956
|
| Total adjustments |
7,373,897
|
207,498
|
| Net cash used in operating activities |
(11,196,420)
|
(2,750,570)
|
| Cash flows from investing activities: |
|
|
| Purchase of property and equipment |
(47,718)
|
(156,791)
|
| Net cash used in investing activities |
(47,718)
|
(156,791)
|
| Cash flows from financing activities: |
|
|
| Net proceeds from sale of common stock and warrants |
9,408,920
|
11,158,496
|
| Net proceeds from warrant exercises |
3,404,156
|
2,500
|
| Net proceeds from sale of preferred stock |
|
300,000
|
| Net proceeds from issuance of note payable |
|
170,200
|
| Net proceeds from bridge financing |
|
888,500
|
| Repurchase of preferred stock |
(1,000)
|
|
| Principal repayment of note payable |
(27,864)
|
(11,880)
|
| Net cash provided by financing activities |
12,784,212
|
12,507,816
|
| Net increase in cash and cash equivalents |
1,540,074
|
9,600,455
|
| Cash and cash equivalents at beginning of period |
9,883,796
|
283,341
|
| Cash and cash equivalents at end of period |
$ 11,423,870
|
$ 9,883,796
|