Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,818,764) $ (2,803,664)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 32,471
Stock-based compensation 396,649 314,665
Value of shares issued for services 282,241 750,000
Change in fair value of warrant liabilities (871,680) 252,000
Changes in operating assets and liabilities:    
Changes in prepaid expenses (822,043) (464,219)
Changes in other assets (865,985)
Changes in accounts payable and accrued liabilities 506,428 521,493
Changes in lease liabilities 17,453
Net cash used in operating activities (10,143,230) (1,429,725)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (349,624) (8,570)
Acquisition of business, net of cash acquired 44,078
Net cash used in investing activities (305,546) (8,570)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash proceeds from sale of Units   21,862,200
Cash proceeds from issuance of common stock 1,208,926
Payment of offering costs (1,307,400)
Net cash provided by financing activities 21,763,726
Effect of foreign currency translation on cash (119,697) (3,762)
NET CHANGE IN CASH (10,568,473) 20,321,669
Cash - Beginning of period 52,966,706 243,650
Cash - End of period 42,398,233 20,565,319
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Lease liabilities arising from obtaining right-of-use assets $ 931,964