Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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, including noncontrolling interests $ (4,116,876) $ (3,413,845)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 537,522 713,330
Consulting expense for restricted shares issued 164,070  
Change in fair value of warrant liability (20,942)  
Change in operating assets and liabilities:    
Prepaid expenses and other current assets 153,775 (134,341)
Australia research and development incentives receivable (51,243)  
Other assets   322
Accounts payable (35,163) (67,120)
Accrued expenses 534,693 352,874
Deferred offering costs (526,485) (262,093)
Deferred compensation   3,062
Net cash used in operating activities (3,360,649) (2,807,811)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of transaction costs   2,373,561
Proceeds from exercise of stock options   47,700
Proceeds from exercise of warrants   110,000
Net cash provided by financing activities   2,531,261
Net effect of foreign currency exchange on cash (3,966) (4,282)
Net decrease in cash (3,364,615) (280,832)
Cash at beginning of period 10,950,927 10,574,292
Cash at end of period $ 7,586,312 $ 10,293,460