Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

v3.23.2
Condensed Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (10,647,673) $ (14,170,467)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 90,330 127,311
Stock based compensation 1,025,970 1,460,693
Changes in operating lease right-of-use assets 364,000 371,604
Inventory net realizable adjustment 142,313  
Bad debt expense (12,500) 17,500
Change in fair value of warrant liability (1,897,000)  
Offering costs allocated to warrants 591,670  
Changes in operating assets and liabilities:    
Accounts receivable (12,231) 55,819
Inventory (213,278) (52,153)
Prepaid expenses and other current assets (424,288) (391,009)
Accounts payable 152,439 (197,025)
Accrued expenses (327,672) (50,554)
Accrued severance expense (201,074) (230,619)
Operating lease liabilities (354,498) (403,029)
Deferred revenue 28,364 7,981
Net cash used in operating activities (11,695,128) (13,453,948)
Cash flows from investing activities:    
Purchases of property and equipment (50,954) (112,509)
Net cash used in investing activities (50,954) (112,509)
Cash flows from financing activities:    
Net proceeds from an ATM offering 2,674,697  
Net proceeds from a sale of common stock and warrant issuance 2,677,191  
Proceeds from contributions to employee stock purchase plan 66,669 164,728
Net cash provided by financing activities 5,418,557 164,728
Net decrease in cash and cash equivalents (6,327,525) (13,401,729)
Cash and cash equivalents – beginning 26,287,293 49,071,414
Cash and cash equivalents – ending 19,959,768 35,669,685
Supplemental disclosure of non-cash investing and financing activities:    
Increase in operating lease right-of-use assets and operating lease liabilities   2,071,336
Restricted Stock Units (RSUs) [Member]    
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued $ 9 $ 6