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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,957,239) $ (3,658,445)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation 65,663 100,622
Stock-based compensation 228,395 451,088
Accretion of discount on short-term investments (108,999) 0
Credit losses 5,257 13,000
Loss on equity investment 0 29,716
Amortization of right-of-use assets 124,057 209,625
Other non-cash charges 44,631 (10,786)
Changes in operating assets and liabilities:    
Accounts receivable (102,234) 235,877
Inventories (816,055) 68,907
Prepaid expenses and other current assets (363,375) (212,438)
Other assets (214,937) 0
Accounts payable and accrued expenses 990,973 888,594
Income taxes payable 176,235 34,774
Operating lease liabilities (237,365) (232,467)
Deferred revenue 3,505 (20,280)
Net cash used in operating activities (5,161,488) (2,102,213)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of short-term investments (5,482,757) (3,198,634)
Maturities of short-term investments 4,450,000 250,000
Purchases of equipment (179,173) (60,058)
Net cash used in investing activities (1,211,930) (3,008,692)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from common stock offering 4,598,771 3,708,045
Net settlement of vested restricted stock units to fund related employee statutory tax withholding 0 (8,147)
Proceeds from sale of pre-funded warrants, net of offering costs 763,138 2,064,012
Net cash provided by financing activities 5,361,909 5,763,910
Effect of foreign exchange rate changes on cash (13,697) 7,311
Net (decrease) increase in cash and cash equivalents (1,025,206) 660,316
Cash and cash equivalents, beginning of period 6,871,306 5,345,967
Cash and cash equivalents, end of period 5,846,100 6,006,283
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Deferred offering costs incurred in a prior period to additional paid-in capital 0 (91,952)
Unrealized gain from mark to market on short-term investments $ 2,809 $ 1,634