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, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (13,936,452) $ (2,173,521)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 31,520 1,379
Stock-based compensation 552,823 471,250
Shares issued for services 282,241 750,000
Change in fair value of warrant liabilities (1,852,189) (2,334,400)
Amortization expense 854
Bad debt expense 423,412
Non-cash lease expense 74,309
Changes in operating assets and liabilities:    
Prepaid expenses (244,535) (329,443)
Other current assets (725,544)
Accounts payable and accrued liabilities 831,640 440,677
Net cash used in operating activities (14,561,921) (3,174,058)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (374,889) (21,503)
Cash acquired in business combination 77,060
Acquisitions of intangible assets (1,763,717)
Net cash used in investing activities (2,061,546) (21,503)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash proceeds from issuance of common stock, net of fees and costs 1,208,926
Cash proceeds from sale of units in IPO, net of fees and costs 21,862,200
Sale of common stock and warrants, net of fees and costs 27,165,452
Cash proceeds received from exercise of warrants 7,000,000
Payment of offering costs (1,307,400)
Repurchase of shares in litigation settlement (3,206,244)
Net cash (used in) provided by financing activities (3,206,244) 55,929,178
Effect of foreign currency translation on cash 9,900 (10,561)
NET CHANGE IN CASH (19,819,811) 52,723,056
Cash - Beginning of period 52,966,706 243,650
Cash - End of period 33,146,895 52,966,706
SUPPLEMENTAL CASH FLOW INFORMATION:    
Equity purchase consideration for acquired business 3,973,479
Equity purchase consideration for acquired intangible assets 3,402,000
Lease liabilities arising from obtaining right-of-use assets 926,887
Initial recording of warrant liabilities $ 3,787,200