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, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,552,353) $ (5,645,179)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 1,793,750 0
Amortization of right of use asset 27,043 35,482
Share-based expense 511,480 410,437
Changes in operating assets and liabilities:    
Prepaid expenses and other (103,738) 286,007
Other long-term assets 25,000 (281,946)
Accounts payable, accrued expenses and other liabilities (347,947) 457,132
Net cash used in operating activities (4,646,765) (4,738,067)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash paid to acquire in-process research and development (500,000) 0
Net cash used in investing activities (500,000) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock and warrants 0 11,450,866
Proceeds from exercise of warrants 0 3,679
Net cash provided by financing activities 0 11,454,545
Net change in cash (5,146,765) 6,716,478
Cash at beginning of period 18,244,030 11,527,552
Cash at end of period 13,097,265 18,244,030
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of common stock to acquire in-process research and development 1,293,750 0
Issuance of common stock to vendor 0 7
Issuance of common stock in connection with warrant buyout 0 41,070
Issuance of common stock from cashless exercise of purchase warrants $ 2 $ 6