v3.23.1
STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOW USED IN OPERATING ACTIVITIES    
Net loss $ (5,573,957) $ (12,611,197)
Adjustments to reconcile net loss to net cash used by operating activities    
Stock based compensation 3,743,963 3,282,384
Warrant issuance costs 898,023  
Change in fair value of warrant liability (8,405,000)  
Change in fair value of derivative liability (1,821,000)  
Consulting services paid by issuance of common stock 359,356 27,159
Consulting services paid by issuance of common stock warrants 196,603 560,033
Depreciation expense 5,714 4,966
Change in assets and liabilities:    
Decrease (Increase) in prepaid expenses 183,045 (356,491)
(Decrease) increase in accounts payable (636,300) 36,172
(Decrease) increase in accrued expenses (161,692) 346,250
Total adjustments (5,637,288) 3,900,473
Net Cash Used in Operating Activities (11,211,245) (8,710,724)
CASH FLOWS USED IN INVESTING ACTIVITIES    
Purchase of fixed assets (7,414) (3,199)
Net Cash Used in Investing Activities (7,414) (3,199)
CASH FLOWS FROM FINANCING ACTIVITIES    
Private placement of preferred stock, net of transaction costs 13,930,000  
Private placements of common stock and warrants   23,784,160
Proceeds from exercise of investor warrants 553,150 13,350,226
Cash in lieu of shares for reverse stock split   (1,529)
Net Cash Provided by Financing Activities 14,483,150 37,132,857
NET INCREASE IN CASH AND EQUIVALENTS 3,264,491 28,418,934
CASH AND EQUIVALENTS AT BEGINNING OF YEAR 34,213,989 5,795,055
CASH AND EQUIVALENTS AT END OF YEAR 37,478,480 $ 34,213,989
SUPPLEMENTAL CASH FLOW INFORMATION:    
Accrual of Series B Convertible Preferred Stock Dividend 115,890  
Initial fair value of warrant liability pursuant to private placement of Preferred Stock and Warrants 9,915,000  
Initial fair value of derivative liability pursuant to private placement of Preferred Stock and Warrants $ 2,191,300