Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.22.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (4,770,269) $ (7,793,897)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 157,564 122,152
Write-off of capitalized patents 528 20,660
Stock-based compensation 352,313 868,648
Stock issued for services 207,980 50,000
Warrant inducement expense 0 3,720,866
Gain on forgiveness of long-term debt (91,407) 0
Decrease (increase) in operating assets:    
Accounts receivable (62,975) (170,287)
Prepaid expenses and other assets 176,223 147,185
Increase (decrease) in operating liabilities:    
Accounts payable 28,516 (80,972)
Accrued expenses (279,337) 96,613
Net cash used in operating activities (4,280,864) (3,019,032)
Cash flows from investing activities:    
Purchase of property and equipment (44,267) (13,940)
Acquisition of intangible assets (192,668) (53,220)
Net cash used in investing activities (236,935) (67,160)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 21,204,609 0
Exercise of options and warrants 3,326,083 3,094,359
Proceeds from loans 0 91,407
Net cash provided by financing activities 24,530,692 3,185,766
Net increase in cash and cash equivalents 20,012,893 99,574
Cash and cash equivalents at beginning of year 3,157,256 3,057,682
Cash and cash equivalents at end of year $ 23,170,149 $ 3,157,256