Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss, including noncontrolling interests $ (15,769,279) $ (12,578,211)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,319,427 2,722,893
Loss on extinguishment of convertible notes   2,322,943
Gain from forgiveness of Paycheck Protection Program loan   (62,500)
Change in fair value of embedded features   203,000
Issuance of ratchet shares 1,099,360  
Change in fair value of warrant liability (98,394) 1,546,280
Amortization of debt discount   596,953
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (505,233) (15,155)
Deferred offering costs 440,379 (651,582)
Australia research and development incentives receivable (269,395)  
Other assets 322 (3,122)
Accounts payable 211,346 805,516
Accrued expenses 915,742 997,126
Due to related parties   (7,037)
Net cash used in operating activities (11,655,725) (4,122,896)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes, warrants, and embedded conversion features   7,369,000
Proceeds from Paycheck Protection Program loan   62,500
Collections of subscriptions receivable   322,002
Proceeds from issuance of common stock, net of transaction costs 2,473,560 5,742,171
Proceeds from exercise of stock options 84,000 9,000
Proceeds from exercise of warrants 385,400 529,425
Proceeds from sale of common stock in intial public offering 11,500,000  
Payment of initial public offering transaction costs (2,406,170)  
Payment on loan payable to officer   (367)
Net cash provided by financing activities 12,036,790 14,033,731
Net effect of foreign currency exchange on cash (4,430)  
Net increase in cash 376,635 9,910,835
Cash at beginning of period 10,574,292 663,457
Cash at end of period 10,950,927 10,574,292
Supplemental disclosure of cash flow information:    
Conversion of convertible notes and accrued interest into MAIA common stock   8,249,587
Conversion of SAFE into MAIA common stock   25,000
Options issued for accrued bonus   786,531
Options issued for deferred compensation   285,418
Reclassification of warrant liability to equity   1,952,000
Issuance of convertible note for payment on loan to officer   $ (21,000)
Previously paid issuance costs in connection with the initial public offering 651,582  
Warrants issued to underwriters in connection with the initial public offering $ 343,735