Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:      
Net loss, including noncontrolling interests $ (5,203,568) $ (11,623,541) $ (9,685,477)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation   1,830,536 2,108,868
Loss on extinguishment of convertible notes 2,322,943   2,322,943
Loss on settlement of bonus     6,531
Change in fair value of embedded features 96,000   203,000
Issuance of ratchet shares   1,099,360  
Change in fair value of warrant liability 100,780 (128,030) 1,546,280
Amortization of debt discount     596,954
Change in operating assets and liabilities:      
Prepaid expenses and other current assets   (412,124) (1,290)
Australia research and development incentives receivable   (230,188)  
Other assets   322 (520,648)
Accounts payable   64,788 342,369
Accrued expenses   252,487 344,940
Due to related parties     (7,037)
Accrued interest     226,909
Net cash used in operating activities   (9,146,390) (2,515,658)
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     2,002
Proceeds from issuance of common stock, net of transaction costs   2,473,560 5,366,170
Proceeds from exercise of stock options   65,700 5,400
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   (1,754,586)  
Payment on loan payable to officer     (367)
Net cash provided by financing activities   12,670,074 12,804,705
Net effect of foreign currency exchange on cash   (34,334)  
Net increase in cash   3,489,350 10,289,047
Cash at end of period 10,952,504 14,063,642 10,952,504
Cash at beginning of period   10,574,292 663,457
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
Subscription receivable for issuance of MAIA common stock     (320,000)
Options issued for accrued bonus     786,531
Options issued for deferred compensation     285,418
Reclassification of warrant liability to equity $ 1,952,000   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