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, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ 10,515,638 $ 9,103,224
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 1,641,263 1,468,054
Changes in operating assets and liabilities, net    
Other current assets 171,755 (86,198)
Accounts payable, accrued expenses and other current liabilities 1,478,299 403,967
Operating lease right-of-use assets and liabilities, net (4,238) 0
Net cash used in operating activities (7,228,559) (7,317,401)
Cash flows from investing activities:    
Purchase of investments 4,918,511 0
Net cash used in investing activities (4,918,511) 0
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement 109,337 10,925,312
Taxes paid related to net share settlement of vested restricted stock units (76,633) (63,253)
Cash proceeds from the issuance of stock upon exercise of stock options 169 17,478
Net cash provided by financing activities 32,873 10,879,537
Effect of exchange rates (3,478) 4,624
Net increase (decrease) in cash and cash equivalents (12,117,675) 3,566,760
Cash and cash equivalents at beginning of period 20,303,869 16,737,109
Cash and cash equivalents at end of period $ 8,186,194 $ 20,303,869