Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ 4,711,025
|
$ (8,451,227)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock-based compensation expense |
91,530
|
228,080
|
| Depreciation expense |
12,525
|
12,524
|
| Non-cash lease expense |
0
|
14,960
|
| Change in fair value of warrant liability |
(8,168,174)
|
0
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other current assets |
(176,880)
|
66,695
|
| Deferred offering costs |
61,154
|
0
|
| Accounts payable |
377,578
|
(285,855)
|
| Accrued expenses |
(475,527)
|
(145,856)
|
| Operating lease liability |
0
|
(16,752)
|
| Accrued interest on Promissory Notes Payable & Convertible Note |
0
|
36,920
|
| Net cash used in operating activities |
(3,566,769)
|
(8,540,511)
|
| Cash flows from financing activities: |
|
|
| Proceeds from the Convertible Note |
0
|
2,500,000
|
| Repayment of the Convertible Note |
0
|
(2,500,000)
|
| Proceeds from the Business Combination, net |
0
|
11,923,499
|
| Proceeds from the PIPE Investment, net |
0
|
7,262,219
|
| Repurchase for the Forward Share Purchase Agreement exercise |
0
|
(7,652,325)
|
| Repayments of Promissory Notes Payable, including interest |
0
|
(796,882)
|
| Redemption of Series A Preferred Stock |
(5,000)
|
0
|
| Proceeds from the February 2023 Public Offering, net |
14,029,974
|
0
|
| Net cash provided by financing activities |
14,025,008
|
10,741,598
|
| Net increase in cash and cash equivalents |
10,458,239
|
2,201,087
|
| Cash and cash equivalents at beginning of period |
5,252,979
|
1,274,729
|
| Cash and cash equivalents at end of period |
15,711,218
|
3,475,816
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Deferred Offering Costs Included in Accounts Payable and Accrued Expenses |
(26,017)
|
0
|
| Alternative cashless exercise of Class C Common Stock Warrants |
5,526,287
|
0
|
| Current liabilities assumed in the Business Combination |
0
|
2,149,432
|
| Deferred underwriting commissions assumed in the Business Combination |
0
|
2,911,260
|
| Equity Issuance for fees in connection with the Business Combination |
0
|
300
|
| Issuance of Class A Common Stock Warrants in connection with the PIPE Investment |
0
|
3,634,262
|
| Issuance of Class A Placement Agent Common Stock Warrants in connection with the PIPE Investment |
0
|
508,797
|
| Rollover Warrants [Member] |
|
|
| Cash flows from financing activities: |
|
|
| Proceeds from Warrant exercise |
0
|
5,074
|
| Pre-Funded Warrants [Member] |
|
|
| Cash flows from financing activities: |
|
|
| Proceeds from Warrant exercise |
34
|
13
|
| Class C Common Stock |
|
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Fair Value of Common Stock Warrants in connection with Public Offering |
$ 13,996,500
|
$ 0
|