Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net (loss) $ (2,210,194) $ (997,581)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Stock-based compensation 1,215,396 180,493
Forgiveness of PPP loan indebtedness (210,680) 0
Depreciation and amortization 82,598 42,342
Changes in operating assets and liabilities:    
Contract assets 62,273 430,346
Accounts receivable 6,332 (137,780)
Prepaid expenses and other current assets (6,288) 68,188
Deferred expenses 163,302 (145,334)
Accounts payable and accrued expenses (42,211) 103,940
Deferred revenue (158,467) 62,000
Total Adjustments 1,112,255 604,195
Net Cash Used In Operating Activities (1,097,939) (393,386)
Cash Flows From Investing Activities:    
Purchases of property and equipment (21,161) (286,561)
Cash Flows From Financing Activities:    
Payment of deferred offering costs 0 (40,742)
Proceeds from government loans 193,625 270,680
Payments of government loans (12,470) 0
Proceeds from sale of common stock, net of costs 4,599,055 0
Proceeds from exercise of stock options 68,438 0
Net Cash Provided by Financing Activities 4,848,648 229,938
Net Increase (Decrease) In Cash and Restricted Cash 3,729,548 (450,009)
Cash and Restricted Cash - Beginning Of Period 375,855 798,282
Cash and Restricted Cash - End Of Period 4,105,403 348,273
Cash and Restricted Cash Consisted of the Following:    
Cash 4,002,228 246,026
Restricted cash 103,175 102,247
Supplemental Disclosures of Cash Flow Information:    
Interest $ 4,400 $ 0