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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flow from operating activities    
Net loss $ (33,296,471) $ (33,037,452) [1],[2]
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,776 213 [2]
Share-based payment 4,473,094 1,250,365 [2]
Share-based compensation for the in-licensing agreement 0 4,851,000 [2]
Net periodic pension benefit cost for the qualified pension plan 151,380 4,645 [2]
Other non-cash items 20,913 0 [2]
Changes in operating assets and liabilities:    
Other receivables (408,274) (10,778) [2]
Prepaid expenses (3,663,606) (45,318) [2]
Trade and other payables (778,229) 549,268 [2]
Accrued expenses and other current liabilities (1,450,930) 733,484 [2]
Net cash flow used in operating activities (34,946,347) (25,704,573) [2]
Cash flow from investing activities    
Purchase of property and equipment (16,008) (20,683) [2]
Net cash flow used in investing activities (16,008) (20,683) [2]
Cash flow from financing activities    
Issuance of shares at incorporation 0 106,508 [2]
Issuance of Series A Preferred Shares, net 0 27,659,237 [2]
Proceeds from Business Combination 134,646,009 0 [2]
Contribution for Par Value of Class V Shares 42,935 0 [2]
Repayment of Loan Liability (15,000,000) 0 [2]
Net cash flow provided by financing activities 119,688,944 27,765,745 [2]
Effect of movements in exchange rates on cash held (57,502) 0 [2]
Net change in cash 84,669,087 2,040,489 [2]
Cash, beginning of period 8,038,845 0 [2]
Cash, end of period 92,707,932 2,040,489 [2]
Supplemental disclosure of non-cash investing information:    
Property and equipment purchased but not paid $ 0 $ 2,580
[1] 1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three
and six months ended June 30, 2021
.
[2] 3 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.