Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

v3.21.1
Condensed Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net loss $ (3,056,033) $ (466,553)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of issuance costs   10,623
Provision for uncollectable receivables   100
Share-based compensation expense 24,825  
Changes in operating assets and liabilities:    
Increase in prepaid expenses and other current assets (2,011,612) (6,404)
Increase in accounts payable 530,803 73,848
(Decrease) increase in accrued expenses (221,352) 81,840
(Decrease) increase in accrued salaries (378,833) 29,167
Net cash used in operating activities (5,112,202) (277,379)
Cash flows from financing activities    
Proceeds from issuance of convertible promissory notes   1,162,500
Proceeds from the exercise of warrants 197,562  
Payment of offering costs for initial public offering (295,166)  
Net cash (used in) provided by financing activities (97,604) 1,162,500
Net (decrease) increase in cash (5,209,806) 885,121
Cash, beginning of period 29,795,366 309,384
Cash, end of period $ 24,585,560 1,194,505
Supplemental disclosure of non-cash financing transactions:    
Accrued deferred issuance costs   29,214
Public offering costs included in accounts payable and accrued expenses   $ 35,000