XML 17 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (956,444) $ (2,491,665)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 330,639 453,791
Amortization of held-to-maturity securities, net (8,597) 13,446
Gain from the sale of investment in Alphazyme (989,319) 0
Foreign currency exchange loss (gain), net 11,021 (10,247)
Changes in operating assets and liabilities:    
Interest receivable 28,207 65,481
Accounts receivable (413,991) (241,002)
Prepaid expenses and other current assets 107,610 131,299
Accounts payable (526,556) (679,918)
Accrued expenses 250,146 (176,396)
Deferred research and development obligation 24,464 163,859
Deferred license revenue (44,118) (79,031)
Net cash used in operating activities (2,186,938) (2,850,383)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (719,767) (5,020,850)
Proceeds from maturities of investment securities 2,213,000 4,500,000
Proceeds from the sale of investment in Alphazyme 1,274,007 0
Net cash provided by (used in) investing activities 2,767,240 (520,850)
Cash flows from financing activities    
Proceeds from exercise of options 0 42,350
Net cash provided by financing activities 0 42,350
Effect of exchange rate changes on cash (484) (568)
Net decrease in cash and cash equivalents 579,818 (3,329,451)
Cash and cash equivalents at beginning of period 5,794,272 15,748,480
Cash and cash equivalents at end of period 6,374,090 12,419,029
Non-cash item    
Vesting of restricted stock units $ 342,186 $ 0