XML 83 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (58,537,849) $ (32,671,466)
Adjustments to reconcile net loss to net cash used in operating activities:    
Intangible asset impairment 2,351,988 0
Depreciation 14,707 37,797
Amortization 527,548 527,548
Non-cash lease expense (4,855) (4,855)
Fixed assets written off 0 10,950
Change in fair value of liability (532,353) 0
Stock-based compensation 1,371,070 522,133
Common stock issued for intellectual property acquired, net 4,000,000 0
Restricted stock granted to employees/directors 0 27,292
Common stock and warrants granted to consultants and former placement agent 1,420,561 166,905
Accreted interest on convertible debt 0 234,074
Accretion of debt discount 0 4,580,168
Loss on debt extinguishment 0 609,998
Gain on settlement 0 (211,430)
Beneficial conversion feature related to promissory note exchange 0 798,413
Changes in assets and liabilities:    
Other receivables 551,489 2,083,270
Prepaid expenses 79,886 (660,845)
Right of use assets (257,104) (110,835)
Deposits (16,092) (15,412)
Accounts payable and accrued expenses 1,415,381 (750,027)
Payables related to license agreement 0 13,250,000
Other liabilities related to Merger consideration 15,000,000 0
Other liabilities 327,405 354,784
Net cash used in operating activities (32,288,218) (11,221,538)
Cash flows from investing activities:    
Purchase of property and equipment (69,488) (4,167)
Proceeds from sale of property and equipment, net 0 91,517
Payment made related to license agreement (10,250,000) 0
Net cash used in investing activities (10,319,488) 87,350
Cash flows from financing activities:    
Proceeds from issuance of notes payable, net 0 799,772
Proceeds from issuance of preferred stock, net 7,105,168 13,197,740
Proceeds from issuance of common stock, net 14,156,050 988,348
Proceeds from exercise of warrants 4,906,630 0
Proceeds from issuance of convertible debt, net 0 3,227,002
Issuance of common stock at-the-market for cash, net of offering costs 18,506,814 0
Repayments of convertible debt 0 (475,000)
Issuance / (repayment) of note payable 88,831 (691,741)
Net cash provided by financing activities 44,763,493 17,046,121
Increase in cash and cash equivalents 2,155,787 5,911,933
Effect of exchange rate changes on cash 30,756 (25,588)
Cash and cash equivalents, beginning balance 6,062,141 175,796
Cash and cash equivalents, ending balance 8,248,684 6,062,141
Supplemental disclosures of cash flow information:    
Cash paid for interest 0 105,460
Cash paid for income taxes 0 0
Non-cash investing and financing activities:    
Deemed dividend on preferred stock issuances (4,507,125) (8,155,212)
Deemed dividend on preferred stock exchanges (21,008,253) 0
Accrued dividends on preferred stock (465,361) (905,650)
Issuance of preferred stock to settle liability related to license agreement 2,467,649 0
Exchange of promissory notes into preferred stock and warrants $ 0 $ (609,998)