XML 33 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (7,759,933) $ (5,286,646)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 6,522 792
Amortization expense 113,709 0
Stock based compensation 452,537 1,816,086
Noncash lease expense (income) 1,099 (787)
Services obtained for common shares 0 299,000
Changes in operating assets and liabilities:    
Other current assets 515,307 (160,224)
Accounts receivable 14,886 0
Short term investments (43,788) 0
Prepaid expenses 482,104 0
Contract asset 50,248 0
Accounts payable and accrued expenses 2,573,396 739,508
Deferred revenue (167,643) 0
Net cash used in operating activities (3,761,556) (2,592,271)
Cash flows from investing activities:    
Purchase of property and equipment (6,454) (4,685)
Net cash used in investing activities (6,454) (4,685)
Cash flows from financing activities:    
Proceeds from issuance of common stock 6,456,505 0
Proceeds from issuance of preferred stock 0 2,155,000
Common stock repurchases (51,308) 0
Repayments on notes payable (9,303,514) 0
Net cash provided by (used in) financing activities (2,898,452) 2,155,000
Effect of exchange rate change on cash and equivalents (26,087) 0
Decrease in cash, cash equivalents, and restricted cash (6,692,549) (441,956)
Cash, cash equivalents, and restricted cash, beginning of year 6,844,732 593,869
Cash, cash equivalents, and restricted cash end of year 152,183 151,913
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest $ 539,842 $ 0