Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (19,772,905) $ (15,769,279)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,089,304 2,319,427
Issuance of ratchet shares   1,099,360
Consulting expense for restricted shares issued 731,661  
Change in fair value of warrant liability (205,130) (98,394)
Change in operating assets and liabilities:    
Prepaid expenses and other current assets 285,831 (505,233)
Australia research and development incentives receivable 158,405 (269,395)
Other assets   322
Accounts payable 471,897 211,346
Accrued expenses 2,169,921 915,742
Net cash used in operating activities (13,071,016) (12,096,104)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of transaction costs   2,473,560
Deferred offering costs   440,379
Proceeds from exercise of stock options 1,432 84,000
Proceeds from exercise of warrants   385,400
Proceeds from sale of common stock in intial public offering   11,500,000
Payment of initial public offering transaction costs   2,406,170
Proceeds from sale of common stock in follow-on offering 5,749,875  
Proceeds from direct offering 4,000,001  
Proceeds from At-The-Market offering 1,667,084  
Payment of 2023 offering transactions costs (2,147,491)  
Net cash provided by financing activities 9,270,901 12,477,169
Net effect of foreign currency exchange on cash (117) (4,430)
Net decrease in cash (3,800,232) 376,635
Cash at beginning of period 10,950,927 10,574,292
Cash at end of period 7,150,695 10,950,927
Supplemental disclosure of cash flow information:    
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
Options issued for accrued bonus 974,224  
Warrants issued to underwriters in connection with the follow-on offering 241,109  
Warrants issued in connection with the At-The-Market offering 84,251  
Warrants issued in connection with the direct offering 1,903,915  
Warrants issued to underwriters in connection with the direct offering $ 123,811