XML 13 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from Operating Activities:    
Net loss $ (12,300,473) $ (6,336,205)
Adjustment to reconcile net loss to net cash used in operating activities    
Share-based compensation 375,239 432,362
Depreciation 111,759 122,525
Impairment loss on operating lease right-of-use asset 3,513,999 0
Loss on disposal of equipment 79,495 0
Change in fair value of warrant liability (2,030,182) 0
Change in fair value of derivative (837,146) 0
Change in fair value of convertible note payable 0 87,220
Loss on extinguishment of debt 1,014,368 0
Issuance of shares for financing fee 250,000 0
Amortization of right-of-use lease asset 167,073 570,103
Accretion of convertible notes payable 2,151,136 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets 1,396,410 84,218
Deferred offering costs 0 (655,142)
Other noncurrent assets (3,500) 0
Accounts payable 2,098,290 1,821,639
Accrued expenses and other current liabilities 1,162,728 317,476
Operating lease liability 121,538 (55,634)
Other noncurrent liabilities (560,150) (175,066)
Net cash used in operating activities (3,289,416) (3,786,504)
Cash flows from investing activities    
Purchase of property and equipment 0 (128,454)
Net cash used in investing activities 0 (128,454)
Cash flows from Financing Activities:    
Proceeds from issuance of common shares 105,317 1,152,163
Proceeds from exercise of warrants 1,025,000 0
Proceeds from convertible notes payable 2,195,034 1,250,000
Payment of debt issuance costs (125,803) 0
Proceeds from net shareholder contributions 0 1,250,298
Repayment of insurance financing payable (921,576) 0
Proceeds from related party loan 250,000 523,044
Net cash provided by financing activities 2,527,972 4,175,505
Net (decrease) increase in cash and cash equivalents (761,444) 260,547
Effect of exchange rate changes on cash and cash equivalents 21,288 (28,623)
Cash and cash equivalents, beginning of year 894,591 442,477
Cash and cash equivalents, end of year 154,435 674,401
Components of cash, cash equivalents and restricted cash    
Cash and cash equivalents 94,435 437,401
Restricted cash 60,000 237,000
Total cash, cash equivalents and restricted cash 154,435 674,401
Non-cash investing and financing activities:    
Exchange of related party loans for convertible notes, related party 1,130,775 0
Fair value of warrants issued with convertible notes, related party 786,967 0
Fair value of warrants issued with convertible notes 1,615,194 0
Fair value of derivative issued with convertible notes 849,146  
Fair value of warrants exercised and reclassified to additional paid in capital 761,568  
Operating lease liabilities arising from obtaining right of use assets 0 4,189,492
Related party loan entered into for settlement of accrued expenses $ 0 $ 400,000