Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (10,010,399) $ (3,138,119)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 39,634 25,142
Amortization of deferred financing costs 60,797
Amortization of intangible assets 855,326 12,750
Amortization of right of use asset 168,895 51,065
Loss on Intellectual Property 34,178
Stock-based compensation 1,328,395 1,348,462
Changes in operating assets and liabilities:    
Accounts receivable 738,724 28,419
Inventory (127,258) (142)
Other current assets (377,284) (374,452)
Accounts payable (13,187) (433,400)
Deferred revenue (170,928) (108,851)
Operating lease liability (126,155) (56,168)
Accrued expenses and other current liabilities 592,307 (515,880)
Net cash flows used in operating activities (7,101,930) (3,066,199)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (9,083)
Purchase of equipment (1,553,212) (58,281)
Security deposit (90,000)
Net cash flows used in investing activities (1,562,295) (148,281)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of warrants 1,279,892
Payments for deferred offering costs (90,237) (99,958)
Net cash flows provided by (used in) financing activities (90,237) 1,179,934
Decrease in cash and cash equivalents (8,754,462) (2,034,546)
Cash and cash equivalents, beginning of period 40,815,123 26,060,733
Cash and cash equivalents, end of period 32,060,661 24,026,187
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 4,003 11,705
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Forgiveness of accrued officers salary 135,103
Operating leases right-of-use assets obtained in exchange for lease liabilities $ 2,928,911