Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (2,987,245) $ (2,966,892)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 22,878 17,748
Non-cash lease expense 30,354 30,378
Loss on abandonment of patent applications 47,774 0
Stock compensation expense 184,850 121,298
Gain on extinguishment of debt 0 (366,000)
Value of stock issued to 401(k) plan for employer matching contributions 44,720 76,846
Value of stock issued in payment of employee bonuses 16,965 0
Value of stock issued in payment of director fees 6,525 0
Changes in operating assets and liabilities:    
Receivables (22,852) (21,414)
Inventory (171,837) 3,556
Prepaid expenses and other assets 240,832 129,970
Accounts payable 143,616 72,403
Accrued and other liabilities (149,083) (106,135)
Lease liabilities (86,567) (77,256)
Deferred revenue 122,964 22,964
Net cash used in operating activities (2,556,106) (3,062,534)
Cash flows from investing activities:    
Payments for purchases of equipment (42,017) 0
Patent and trademark costs (76,175) (67,472)
Net cash used in investing activities (118,192) (67,472)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock, including stock subscriptions receivable 0 8,175,000
Proceeds from issuance of common stock 0 13
Principal payments on notes payable (339,453) (188,893)
Net cash (used in) provided by financing activities (339,453) 7,966,830
Net (decrease) increase in cash and cash equivalents (3,013,751) 4,836,824
Cash and cash equivalents, beginning of period 4,230,865 2,670,495
Cash and cash equivalents, end of period 1,217,114 7,507,319
Preferred Stock Issuance Costs [Member]    
Cash flows from financing activities:    
Payment of stock issuance costs $ 0 $ (19,290)