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, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net Income (Loss) $ (44,603,316) $ (42,346,903)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,470,154 5,719,637
Depreciation and amortization 640,601 762,995
Net amortization on (discount) premium of investments (506,166) 124,875
(Gain) loss on foreign currency transaction (23,730) 648,520
Amortization of debt discount 824,381 742,478
Realized loss on investments 713 178,222
Change in fair value of derivative liability 2,582 (96,842)
Loss on sale of property and equipment 0 21,235
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current assets (1,470,445) 1,573,394
Increase in other assets (57,458) (108,961)
Decrease in operating lease right-of-use asset 821,331 724,858
Increase (decrease) in accounts payable 1,028,283 (256,835)
Increase (decrease) in accrued expenses 5,031,254 (4,094,160)
Increase in other long-term liabilities 22,206 0
Decrease in operating lease liabilities (1,280,863) (1,136,948)
Net cash used in operating activities (36,100,473) (37,544,435)
Cash flows from investing activities:    
Purchases of investments (33,884,689) (86,341,894)
Proceeds from sales and maturities of investments 69,526,650 116,421,376
Purchases of property and equipment 0 (13,449)
Proceeds from sale of property and equipment 0 8,100
Net cash used in investing activities 35,641,961 30,074,133
Cash flows from financing activities:    
Proceeds from issuance of notes payable 373,320 452,250
Repayment of short-term borrowings (425,980) (866,865)
Proceeds from issuance of long-term borrowings 1,381,729
Repayment of long-term borrowings (2,821,262) (1,500,729)
Proceeds from issuance of common stock 244,302
Issuance costs paid for common stock financings (190,902)
Net cash provided by financing activities (2,820,522) (533,615)
Net increase (decrease) in cash, cash equivalents, and restricted cash (3,279,034) (8,003,917)
Cash, cash equivalents, and restricted cash at beginning of the period 17,672,615 25,676,532
Cash, cash equivalents, and restricted cash at end of the period 14,393,581 17,672,615
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 2,607,474 1,969,583
Issuance of common stock for conversion of convertible debt 875,000 0
Write-off of fully depreciated property and equipment $ 178,492 $ 0