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 ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities:    
Net loss $ (2,607,534) $ (1,304,732)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,123,423 329,274
Forgiveness of PPP loan and other (210,680)
Depreciation and amortization 124,631 72,811
Changes in operating assets and liabilities:    
Contract assets 62,273 430,732
Accounts receivable (37,168) (184,418)
Prepaid expenses and other current assets (1,693) 55,657
Deferred expenses 180,143 29,547
Accounts payable and accrued expenses (67,843) 93,636
Deferred revenue (230,447) (106,000)
Total Adjustments 942,639 721,239
Net Cash Used In Operating Activities (1,664,895) (583,493)
Cash Flows Used In Investing Activities:    
Purchases of property and equipment (32,505) (610,487)
Net Cash from Investing Activities (32,505) (610,487)
Cash Flows From Financing Activities:    
Proceeds from sale of common stock, net of costs 4,599,055
Proceeds from government loans 193,625 684,580
Repayment of government loans (26,956) (1,175)
Proceeds from exercise of stock options 68,438 230,624
Payment of deferred offering costs (40,742)
Payment of deferred loan costs (4,560)
Net Cash Provided By Financing Activities 4,834,162 868,727
Net Increase (Decrease) In Cash and Restricted Cash 3,136,762 (325,253)
Cash and Restricted Cash - Beginning Of Period 375,855 798,283
Cash and Restricted Cash - End Of Period 3,512,617 473,030
Cash and Restricted Cash Consisted of the Following:    
Cash 3,409,429 370,220
Restricted cash 103,188 102,810
Cash and Restricted Cash 3,512,617 473,030
Cash paid during the year for:     
Interest $ 6,911 $ 100