Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities    
Net loss $ (19,935,112) $ (38,726,259)
Adjustments to reconcile net loss to net cash used in operating activities:    
Shares issued for services 89,189 331,591
Amortization of stock options and restricted stock units 2,194,135 2,633,826
Impairment of goodwill 33,547,278
Impairment of IP R&D assets 9,063,000 3,342,084
Amortization of intangibles 105,675 109,004
Deferred tax liability (2,349,683) (942,749)
Change in fair value of derivative liabilities (75,323) (15,144,986)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 337,282 1,018,303
Accounts payable 230,402 1,214,599
Accounts payable – related parties 56,008
Accrued expenses (440,621) 319,936
Accrued expenses – related parties (197,175) 169,788
Total adjustments 9,012,889 26,598,674
Net Cash Used In Operating Activities (10,922,223) (12,127,585)
Cash Flows from Financing Activities    
Proceeds from loans payable (Note 8) 969,322 1,060,890
Repayment of loans payable, net of adjustments (Note 8) (1,257,388) (1,591,035)
Repayment of loans payable – related parties (81,277)
Net Cash Provided By Financing Activities 5,907,887 10,873,606
Effect of Exchange Rate Changes on Cash 20,025 (419)
Net Decrease In Cash (4,994,311) (1,254,398)
Cash - Beginning of Period 6,970,110 8,224,508
Cash - End of Period 1,975,799 6,970,110
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for income taxes
Cash paid during the period for interest 21,722 15,060
Offering costs in connection with July 2022 sale of common stock and common stock warrants    
Cash Flows from Financing Activities    
Offering costs (529,982)
Offering costs in connection with December 2022 sale of common stock and common stock warrants    
Cash Flows from Financing Activities    
Offering costs (484,991)
Offering costs in connection with April 2023 sale of common stock and common stock warrants    
Cash Flows from Financing Activities    
Offering costs (279,994)
Offering costs in connection with August 2023 sale of common stock and common stock warrants    
Cash Flows from Financing Activities    
Offering costs (294,976)
Offering costs in connection with the repricing of the August 2023 Offering    
Cash Flows from Financing Activities    
Offering costs (59,846)
Proceeds from sale of July 2022 common stock and common stock warrants    
Cash Flows from Financing Activities    
Proceeds from sale 6,499,737
Proceeds from sale of December 2022 common stock and common stock warrants    
Cash Flows from Financing Activities    
Proceeds from sale 5,999,851
Proceeds from sale of April 2023 common stock and common stock warrants    
Cash Flows from Financing Activities    
Proceeds from sale 2,999,882
Proceeds from sale of August 2023 common stock and common stock warrants    
Cash Flows from Financing Activities    
Proceeds from sale 2,999,606
Proceeds from exercise of July 2022 pre-funded warrants    
Cash Flows from Financing Activities    
Proceeds from exercise pre-funded warrants 263
Proceeds from exercise of December 2022 pre-funded warrants    
Cash Flows from Financing Activities    
Proceeds from exercise pre-funded warrants 150
Proceeds from exercise of April 2023 pre-funded warrants    
Cash Flows from Financing Activities    
Proceeds from exercise pre-funded warrants 117
Proceeds from exercise of August 2023 pre-funded warrants    
Cash Flows from Financing Activities    
Proceeds from exercise pre-funded warrants 395
Proceeds from the repricing of common shares and pre-funded warrants in the August 2023 Offering    
Cash Flows from Financing Activities    
Proceeds from exercise pre-funded warrants $ 830,769