Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (9,103,224) $ (6,304,573)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 1,468,054 1,320,890
Other income from PPP loan forgiveness 0 (122,400)
Changes in operating assets and liabilities, net    
Other current assets (86,198) (3,789)
Accounts payable, accrued expenses and other current liabilities 403,967 447,598
Net cash used in operating activities 7,317,401 (4,662,274)
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC, net of commissions, fees and offering costs of $338,153 and $253,035 for years ended December 30, 2021, and 2020, respectively 10,925,312 8,175,291
Other offering costs - Capital on DemandTM 0 (115,571)
Taxes paid related to net share settlement of vested restricted stock units (63,253) 0
Cash proceeds from the issuance of stock upon exercise of stock options 17,478 0
PPP forgivable bank loan 0 122,400
Net cash provided by financing activities 10,879,537 8,182,120
Effect of exchange rates 4,624 3,334
Net increase in cash and cash equivalents 3,566,760 3,523,180
Cash and cash equivalents at beginning of period 16,737,109 13,213,929
Cash and cash equivalents at end of period 20,303,869 16,737,109
Supplemental disclosure of cash flow information:    
Income taxes paid, net of (refunds) $ 0 $ (11,099)