Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,645,179) $ (10,893,466)
Adjustments to reconcile net loss to net cash used in operating activities:    
Asset impairment charges 0 9,243,128
Deferred income taxes 0 (2,918,518)
Depreciation 0 757
Amortization of right of use asset 35,482 28,080
Gain on settlement with vendor 0 (143,639)
Share-based expense 410,437 468,914
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 4,061 325,662
Accounts payable, accrued expenses and other liabilities 457,132 (378,111)
Net cash used in operating activities (4,738,067) (4,267,193)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock and warrants 11,450,866 0
Net proceeds from issuance of common stock 0 5,426,825
Proceeds from exercise of warrants 3,679 0
Net cash provided by financing activities 11,454,545 5,426,825
Net change in cash 6,716,478 1,159,632
Cash at beginning of period 11,527,552 10,367,920
Cash at end of period 18,244,030 11,527,552
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Right of use asset obtained in exchange for lease liability 0 70,564
Issuance of common stock to vendor 7 1
Issuance of common stock in connection with warrant buyout 41,070 0
Issuance of common stock from cashless exercise of purchase warrants $ 6 $ 229