v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:      
Net loss $ (1,980,810) $ (12,172,029) $ (16,495,680)
Adjustments to reconcile net loss to net cash used in operating activities:      
Periodic pension costs 6,239 59,526 (34,142)
Depreciation expense 3,321 11,408 11,408
Stock-based compensation 125,644 164,906 22,730
Other income due to the termination of EF License Agreement (2,499,969)
Amortization of debt discounts 67,008
Loss on conversion of convertible notes payable 922,495
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 365,225 (632,125) 698,116
Other assets 16,602    
Accounts payable (118,047) 2,260,258 636,263
Interest payable 25,605 20,121
Other accrued liabilities (186,089) 640,228 319,989
Other long term liabilities (42,243) (47,679)
Net cash used in operating activities (4,267,884) (9,684,466) (13,879,371)
Cash Flows From Investing Activities:      
Purchases of property and equipment (3,917)
Net cash used in investing activities (3,917)
Cash Flows From Financing Activities:      
Proceeds from the issuance of common shares in ATM financing 30,993
Proceeds from the issuance of common shares in registered direct offerings 1,911,513
Proceeds from the issuance of common shares in private placement offerings 5,252,725 7,275,549
Proceeds from the issuance of pre-funded warrants 5,348,882
Proceeds from issuance of convertible notes payable 1,530,000
Exercise of pre-funded warrants 173,123 23,692
Equity issuance costs (386,332) (704,160)
Proceeds from the issuance of warrants 1,980,200
Proceeds from related party short term loan 1,633,746
Net cash provided by financing activities 5,039,516 1,633,746 17,396,669
Effect of exchange rate on cash and cash equivalents (100)
Change in cash and cash equivalents 767,715 (8,050,720) 3,517,198
Cash and cash equivalents at the beginning of period 897,680 8,948,400 5,431,202
Cash and cash equivalents at the end of period 1,665,395 897,680 8,948,400
Supplemental disclosure of non-cash investing and financing activities:      
Cash paid for interest 467 145,153 13,248
Issuance of note payable for prepaid insurance   704,160
Issuance of preferred shares for the assumption of debt 4,000,000
Issuance of common shares for debt conversion 2,788,650    
Issuance of common shares for conversion of preferred shares 18,000    
Change in accrued pension liability reflected in accumulated other comprehensive income 260,685    
Deemed dividend 2,076,180
Debt discount on convertible loans $ 67,008