Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (8,640,500) $ (6,719,728)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,156,453 1,298,098
Issuance of restricted stock 488,330  
Change in fair value of warrant liability (123,741)  
Change in operating assets and liabilities:    
Prepaid expenses and other current assets 309,089 (202,807)
Australia research and development incentives receivable (91,009) (165,077)
Other assets   322
Accounts payable 384,667 90,912
Accrued expenses 595,430 871,049
Net cash used in operating activities (5,921,281) (4,827,231)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of transaction costs   2,473,560
Deferred offering costs (278,446) (495,633)
Proceeds from exercise of stock options   47,700
Proceeds from exercise of warrants   385,400
Proceeds from sale of common stock in follow-on offering 5,749,875  
Payment of follow-on offering transactions costs (1,351,907)  
Net cash provided by financing activities 4,119,522 2,411,027
Net effect of foreign currency exchange on cash (3,012) (8,076)
Net decrease in cash (1,804,771) (2,424,280)
Cash at beginning of period 10,950,927 10,574,292
Cash at end of period 9,146,156 $ 8,150,012
Supplemental disclosure of cash flow information:    
Options issued for accrued bonus 974,224  
Warrants issued to underwriters in connection with the follow-on offering $ 241,109