XML 18 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Net loss $ (4,677,527) $ (4,524,014)
Adjustments to reconcile net loss to cash used in operating activities    
Change in fair value of warrant liability (50,657) (275,969)
Change in fair value of investment option liability (119,505)
Change in fair value of derivative liability (13,000)
Stock-based compensation 532,835 768,619
Amortization of right-of-use asset 26,847 34,455
Amortization of intangible assets 42,188 42,188
Depreciation expense 44,298 27,077
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (1,549,354) (588,975)
Accounts payable and accrued liabilities 653,712 6,021
Right-of-use operating lease liability (26,846) (38,343)
Net cash used in operating activities (5,137,009) (4,548,941)
Cash Flows From Investing Activities:    
Purchases of property and equipment (5,169) (505,507)
Net cash used in investing activities (5,169) (505,507)
Cash Flows From Financing Activities:    
Proceeds from sale of common stock, warrants, and investment options, net of offering costs 9,397,884
Net cash provided by financing activities 9,397,884
Effect of foreign exchange rate on cash (19,893) (4,900)
Net (decrease) increase in cash (5,162,071) 4,338,536
Cash at beginning of period 17,723,884 17,355,999
Cash at end of period 12,561,813 21,694,535
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 11 4,138
Income taxes paid
Warrants issued in conjunction with common stock issuance 3,595,420
Preferred dividends attributable to redeemable non-controlling interest 12,329
Accretion of embedded derivative to redemption value $ 110,991