Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities:    
Net loss $ (5,810,230) $ (5,727,918)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 304,068 227,355
Bad debt expense 0 3,734
Gain on forgiveness of accounts payable - supplier 0 (236,248)
Stock-based compensation: Stock options 7,618 15,993
Stock-based compensation: Common stock 516,381 62,484
Amortization of debt discount and debt issuance costs 0 915,994
Amortization of debt discount and debt issuance costs - related parties 0 357,201
Amortization of beneficial conversion feature 0 1,984,322
Loss on extinguishment of convertible note payable 0 297,272
Gain on settlement of notes and other payables 0 (139,333)
Changes in operating assets and liabilities:    
Accounts receivable 1,000,783 (762,452)
Prepaid expenses and other current assets (155,367) (89,013)
Accounts payable - suppliers 115,681 (193,334)
Accounts payable - trade (289,215) 68,002
Accrued expenses and other current liabilities (274,667) 492,372
Accrued interest 7,025 195,596
Accrued interest - related parties 0 53,026
Net Cash Used In Operating Activities (4,577,923) (2,474,947)
Cash Flows From Investing Activities:    
Purchase of intangible assets (1,133,072) (855,019)
Purchase of property and equipment (24,331) (5,287)
Net Cash Used In Investing Activities (1,157,403) (860,306)
Cash Flows From Financing Activities:    
Proceeds from exercise of warrants [1] [1] 9,787,149 0
Repayment of PPP loan (68,346) 0
Proceeds from exercise of options 8,361 0
Payment of deferred offering costs (27,510) 0
Proceeds from sale of common stock and warrants in initial public offering, net [2] 0 11,503,488
Payment of initial public offering issuance costs 0 (841,376)
Proceeds from issuance of notes payable 0 656,190
Repayment of notes payable 0 (95,000)
Proceeds from issuance of notes payable - related parties 0 585,000
Repayment of note payable - related party 0 (150,000)
Net Cash Provided By Financing Activities 9,699,654 11,658,302
Net Increase In Cash 3,964,328 8,323,049
Cash - Beginning of the Period 24,782,128 33,785
Cash - End of the Period 28,746,456 8,356,834
Cash paid during the periods for:    
Interest 4,588 574
Income taxes 0 0
Non-cash investing and financing activities:    
Accrual of warrant exercise issuance costs 83,519 0
Shares issued as partial consideration for intangible asset 532,000 0
Shares of common stock issued in satisfaction of accrued issuable equity 507,044 0
Financing of insurance premiums 362,625 0
Conversion of notes payable and accrued interest into common stock 0 16
Original issue discount in connection with convertible notes payable 0 285,000
Original issue discount in connection with convertible notes payable - related party 0 75,500
Accrual of intangible assets 0 644,981
Reduction of additional paid-in capital for initial public offering issuance costs that were previously paid 0 (56,367)
Reversal of previously accrued deferred offering costs 0 (218,829)
Forgiveness of related party liability $ 0 $ 33,738
[1] Includes gross proceeds of $10,169,027, less issuance costs of $381,878.
[2] Includes gross proceeds of $12,503,750, less underwriting discounts and commissions of $1,000,262.