XML 17 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (7,938,434) $ (3,634,442)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash interest expense 129,600
Forgiveness of PPP loan (61,816)
Stock-based compensation 833,084 1,138,096
Common stock issued in payment of consulting services and settlement of accounts payable 5,288
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (999,685) (12,873)
Accounts payable and accrued expenses (1,453,418) 1,140,300
Net cash used in operating activities (9,620,269) (1,234,031)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of notes payable (503,764)
Proceeds from the issuance of debt 72,100
Proceeds from related party notes payable 100,000
Repayment of related party notes payable (1,100,000)
Proceeds from the issuance of stock 1,376,900
Offering costs related to secondary offering (3,020,535)
Proceeds from secondary offering of common stock 40,020,000
Offering costs related to initial public offering (2,216,793)
Proceeds from initial public offering of common stock 18,000,000
Net cash provided by financing activities 51,278,908 1,449,000
Net change in cash 41,658,639 214,969
Cash, beginning of period 54,796 41,536
Cash, end of period 41,713,435 256,505
Supplemental disclosure of cash and non-cash financing activities    
Cash paid for interest 363,640
Cash paid for taxes
Common stock issued in payment of consulting services and settlements of accounts payable 5,288
Deferred financing costs, included in accounts payable and accrued expenses 176,391
Debt issued in payment of consulting services and settlement of accounts payable $ 228,960