Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (11,730,931) $ (10,721,691)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization of property and equipment 36,803 33,929
Amortization of license agreements, patents and trademarks 40,151 36,464
Non-cash lease expense 121,880 120,186
Loss on disposal and abandonment of patents and equipment 98,733 5,654
Stock compensation expense 471,262 230,521
Gain on extinguishment of debt (366,000) 0
Value of stock issued to 401(k) plan for employer matching contributions 76,846 39,834
Value of stock issued in lieu of cash in payment of director fees 85,935 0
Value of stock issued in payment of employee bonuses 0 171,522
Value of stock issued in payment for services 0 70,201
Changes in operating assets and liabilities:    
Receivables (30,675) 839,020
Inventory 18,643 (169,798)
Prepaid expenses and other assets 358,203 1,019,230
Accounts payable 259,600 49,648
Accrued and other liabilities 622,738 348,410
Lease liabilities (294,951) (260,532)
Deferred revenue 13,608 13,609
Net cash used in operating activities (10,218,155) (8,173,793)
Cash flows from investing activities:    
Payments for purchases of equipment (25,218) (135,881)
Proceeds from sales of equipment 0 1,042
Patent and trademark costs (304,206) (277,989)
Net cash used in investing activities (329,424) (412,828)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock, including collection of stock subscriptions receivable 12,682,700 5,975,000
Proceeds from issuance of common stock 4,346 4,442,560
Payment of tax withholdings related to stock-based compensation (17,360) 0
Proceeds from note payable 0 366,000
Principal payments on notes payable (491,775) (368,553)
Net cash provided by financing activities 12,107,949 10,209,957
Net increase in cash and cash equivalents 1,560,370 1,623,336
Cash and cash equivalents, beginning of period 2,670,495 1,047,159
Cash and cash equivalents, end of period 4,230,865 2,670,495
Preferred Stock Issuance Costs [Member]    
Cash flows from financing activities:    
Payment of stock issuance costs (69,962) (55,050)
Common Stock Issuance Costs [Member]    
Cash flows from financing activities:    
Payment of stock issuance costs $ 0 $ (150,000)