Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (944,991) $ (1,584,063)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 6,863 19,378
Amortization of discount on royalty obligation 115,334 115,334
Amortization of right-of-use asset 27,675 25,291
Stock based compensation 152,912 58,254
Gain on forgiveness of debt 0 (28,229)
Changes in operating assets and liabilities:    
Accounts receivable (8,893) 500
Grant receivable (152,991) 224,879
Prepaid expenses (69,958) 68,920
Accounts payable and accrued expenses 38,832 269,395
Lease liability (28,829) (25,563)
Deferred revenue (8,626) (36,975)
Deferred revenue-grant 0 (37,210)
Net cash used in operating activities (872,672) (930,089)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment 0 (2,017)
Net cash used in investing activities 0 (2,017)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from common stock subscription and royalty agreement 1,000,000 2,250,000
Net cash provided by financing activities 1,000,000 2,250,000
Net increase in cash and restricted cash 127,328 1,317,894
Cash and restricted cash, beginning of the period 85,838 592,053
Cash and restricted cash, end of period 213,166 1,909,947
Cash and restricted cash consist of the following, end of period:    
Cash 64,553 1,909,947
Restricted 148,613 0
Total Cash and restricted cash 213,166 1,909,947
Cash and restricted cash consist of the following, beginning of the period:    
Cash 85,838 592,053
Restricted cash 0 0
Total Cash and restricted cash 85,838 592,053
Supplemental disclosures of cash flow information:    
Interest paid 0 0
Taxes paid 0 0
Non cash financing activities:    
PPP loan forgiveness $ 0 $ 28,000