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, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (6,304,573) $ (4,224,874)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock compensation expense (non-cash) 1,320,890 1,011,170
Other income from PPP loan forgiveness (122,400) 0
Changes in operating assets and liabilities, net    
Other current assets (3,789) 9,140
Other non-current assets 0 (56,650)
Accounts payable, accrued expenses and other current liabilities 447,598 243,534
Net cash used in operating activities (4,662,274) (3,017,680)
Cash flows from financing activities:    
Proceeds from the initial public offering of common stock 0 10,222,224
Issuance cost for the initial public offering, net of deferred offering costs paid in previous periods and accrued at year-end 0 (974,476)
Proceeds from the exercise of stock options 0 109,998
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC, net of commissions and fees of $253,035 8,175,291 0
Offering costs (115,571) (10,335)
PPP forgivable bank loan 122,400 0
Net cash provided by financing activities 8,182,120 9,347,411
Effect of exchange rates 3,334 (8,574)
Net increase in cash and cash equivalents 3,523,180 6,321,157
Cash and cash equivalents at beginning of period 13,213,929 6,892,772
Cash and cash equivalents at end of period 16,737,109 13,213,929
Supplemental disclosure of non-cash items for cash flow information:    
Accrued but unpaid issuance costs for the initial public offering 0 81,080
Income taxes paid, net of refunds $ (11,099) $ 53