Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:    
Net loss $ (3,141,753) $ (2,043,108)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,159,611 623,457
Forgiveness of PPP loan (404,305) 0
Write off of deferred offering costs and other 0 123,875
Depreciation and amortization 166,535 111,311
Changes in operating assets and liabilities:    
Contract assets 62,273 481,671
Accounts receivable 4,707 (9,397)
Prepaid expenses and other current assets (191,691) 92,538
Deferred expenses 177,214 (73,536)
Accounts payable and accrued expenses (39,099) (30,959)
Deferred revenue (250,447) (51,931)
Total Adjustments 684,798 1,267,029
Net Cash Used In Operating Activities (2,456,955) (776,079)
Cash Flows Used In Investing Activities:    
Purchases of property and equipment (32,506) (686,915)
Net Cash Used In Investing Activities (32,506) (686,915)
Cash Flows From Financing Activities:    
Proceeds from sale of common stock, net of costs 4,599,055 0
Proceeds from government loans 193,625 684,580
Repayment of government loans (46,097) (4,714)
Proceeds from exercise of stock options 68,438 405,000
Payment of deferred offering costs 0 (39,740)
Payment of deferred loan costs (4,560)
Net Cash Provided By Financing Activities 4,815,021 1,040,566
Net Increase (Decrease) In Cash and Restricted Cash 2,325,560 (422,428)
Cash and Restricted Cash - Beginning Of Year 375,854 798,282
Cash and Restricted Cash - End Of Year 2,701,414 375,854
Cash and Restricted Cash Consisted of the Following:    
Cash 2,598,213 272,705
Restricted cash 103,201 103,149
 Cash and Restricted Cash 2,701,414 375,854
Cash paid during the year for:    
Interest 6,911 2,200
Income taxes 0 0
Non-cash investing and financing activities:    
Fixed assets purchased on account $ 20,598