Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (15,960,268) $ (10,346,395)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of issuance costs 0 53,983
Recovery of uncollectable receivables   (15,020)
Gain on vendor concession   (43,221)
Share-based and equity compensation expense 322,881 7,429,518
Changes in operating assets and liabilities:    
Increase in prepaid expenses and other current assets (91,138) (1,655,829)
Increase in accounts payable 270,007 51,560
Increase in accrued expenses 147,773 774,496
Decrease in accrued salaries (378,833) (144,287)
Net cash used in operating activities (15,689,578) (3,895,195)
Cash flows from financing activities    
Proceeds from initial public offering, net of costs (295,166) 31,349,055
Proceeds from issuance of convertible promissory notes   1,994,133
Proceeds from the exercise of warrants 197,562 176,250
Payment of issuance costs for promissory notes   (63,261)
Payment of preferred members' interest   (75,000)
Net cash (used in) provided by financing activities (97,604) 33,381,177
Net (decrease) increase in cash (15,787,182) 29,485,982
Cash, beginning of period 29,795,366 309,384
Cash, end of period $ 14,008,184 29,795,366
Supplemental disclosure of non-cash financing transactions:    
Cash paid for interest   12,551
Non-cash financing transactions:    
Public offering costs included in accounts payable and accrued expenses   295,166
Conversion of members' interest into common stock at corporate conversion   21,246,338
Conversion of non-voting members' interest to voting members' interest   12,601,201
Payment of accrued salaries through issuance of members' interest   536,880
Conversion of convertible promissory notes and accrued interest into membership interests, net of unamortized deferred costs of $41,445   $ 6,108,257