Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities    
Net (Loss) Income $ (8,442,247) $ 4,502,997
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Shares issued for services 210,345
Amortization of stock options and restricted stock units 1,108,731 1,391,519
Amortization of intangibles 50,322 63,422
Change in fair value of derivative liabilities (67,740) (12,717,652)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,064,604 (59,364)
Accounts payable (1,029,637) 1,003,919
Accounts payable – related parties 53,257
Accrued expenses 186,447 (84,774)
Accrued expenses – related parties 89,529 85,124
Total adjustments 1,455,513 (10,107,461)
Net Cash Used In Operating Activities (6,986,734) (5,604,464)
Cash Flows From Financing Activities    
Proceeds from sale of April 2023 Offering stock and warrants 2,999,882
Proceeds from exercise of April 2023 Offering pre-funded warrants 117
Payment of offering costs in connection with April 2023 Offering stock and warrants (279,994)
Repayment of loans payable (727,542) (1,009,763)
Net Cash Provided By (Used in) Financing Activities 1,992,463 (1,009,763)
Effect of Exchange Rate Changes on Cash 32,766 14,960
Net Decrease In Cash (4,961,505) (6,599,267)
Cash - Beginning of Period 6,970,110 8,224,508
Cash - End of Period 2,008,606 1,625,241
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for income taxes
Cash paid during the period for interest expense $ 14,518 $ 8,990