XML 27 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (19,236,509) $ (7,799,529)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 604,871 85,855
Stock-based compensation 2,867,698 1,139,247
Gain on disposal of asset (31,355)
Realized gain on short-term investments (90,216)  
Gain on forgiveness of Paycheck Protection Program Notes (1,602,936)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,425,126) (476,452)
Accounts payable 43,672 39,255
Accrued expenses and other current liabilities 936,387 3,496
Net cash used in operating activities (16,299,223) (8,642,419)
Cash flows from investing activities    
Purchase of property and equipment (918,318) (62,204)
Acquisition of intangible assets (456,822)
Purchase of short-term investments (27,000,000)
Proceeds from maturities of short-term investments 15,025,879
Disposal of assets 42,189
Net cash used in investing activities (13,349,261) (20,015)
Cash flows from financing activities    
Proceeds from issuance of common stock upon initial public offering, net of offering costs 23,295,890
Proceeds from issuance of common stock from PIPE financing, net of offering costs 18,121,945  
Proceeds from exercise of pre-funded warrants from PIPE financing 2,662
Proceeds from Paycheck Protection Program notes 892,115
Proceeds from exercise of stock options 114,169 14,220
Net cash provided by financing activities 18,238,776 24,202,225
Net (decrease)/increase in cash and cash equivalents and restricted cash (11,409,708) 15,539,791
Cash and cash equivalents and restricted cash, beginning of year 21,995,981 6,456,190
Cash and cash equivalents and restricted cash, end of year 10,586,273 21,995,981
Supplemental disclosure of cash flow:    
Cash paid during the year for taxes $ 10,131 $ 16,719