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Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (9,711,914) $ (6,335,243)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment of deposit on asset purchase agreement 3,500,000
Stock-based compensation 458,359 1,466,459
Amortization of debt discount 213,996
Loss on related party receivable 165,355
Depreciation expense 3,269 3,061
Change in fair value of contingent warrant liability 59 (30,303)
Changes in assets and liabilities:    
Inventories (51,900)  
Prepaid expenses and other current assets (227,201) (778,453)
Prepaid expenses, long-term (16,882) (73,974)
Deposit (27,588)
Accounts payable 427,409 491,760
Accrued expenses (989,319) 1,223,613
Net cash used in operating activities (6,228,769) (4,060,668)
Cash flows from investing activities    
Acquisition of assets, including transaction costs of $79,771 (6,079,771)
Deposit made in connection with asset purchase agreement (3,500,000)
Net advances to related parties (454,557) (7,840)
Purchase of property and equipment (3,300) (9,339)
Net cash used in investing activities (10,037,628) (17,179)
Cash flows from financing activities    
Purchase of treasury shares (58,981)
Payment of deferred offering costs (205,093) (51,304)
Proceeds from exercise of stock options 459
Proceeds from issuance of common stock in initial public offering, net of underwriting discount 18,400,000
Payments of initial public offering costs (926,972)
Proceeds from issuance of common stock and warrants in private placement, net of placement agent discount 7,319,462
Payment of private placement issuance costs (349,630)
Net cash provided by (used in) financing activities (263,615) 24,391,556
Net increase (decrease) in cash (16,530,012) 20,313,709
Cash, beginning of period 25,752,659 1,928,474
Cash, end of period 9,222,647 22,242,183
Noncash investing and financing activities:    
Inventory and intangible assets acquired through issuance of notes payable 12,947,000
Deferred offering costs included in accounts payable and accrued expenses 150,000 187,500
Deferred offering costs previously included in prepaid expenses (11,020)
Exercise of pre-funded warrants 7 6
Issuance of restricted stock 5
Conversion of convertible preferred stock to common stock upon initial public offering 45
Private placement offering costs included in accounts payable 75,828
Recognition of contingent warrant liability upon issuance of common stock in private placement 35,676
Payment of accrued bonus through related party receivable $ 140,000