Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.22.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (10,017) $ (2,264)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1
R&D expense for issuance of common stock for anti-dilution clause 2,191 104
Stock-based compensation expense 966 232
Convertible debt discount amortization 488 186
Amortization of operating lease right of use asset 12
Convertible debt non-cash interest 139 53
Gain on extinguishment of debt (19)
Deferred compensation to CEO 146 396
Loss on debt conversion 431
Prepaid expense and other current assets (1,325) 1
Accounts payable and accrued liabilities 1,241 (68)
Operating lease liability (12)
Related party service fee payable (9) (99)
Net cash used in operating activities (5,767) (1,459)
Cash flows from investing activities    
Purchases of property, plant and equipment (29)
Net cash used in investing activities (29)
Cash flows from financing activities    
Net proceeds from initial public offering 22,271
Issuance of common stock for cash 141
Proceeds from loan from stockholder 248 271
Proceeds from convertible notes 1,098 1,290
Repayment of loan from stockholder (1,361) (160)
Deferred offering costs (117)
Proceeds from exercise of options 119
Proceeds from government loan 19
Net cash provided by financing activities 22,375 1,444
Net (decrease) increase in cash 16,579 (15)
Cash at the beginning of the period 15
Cash at the end of the period 16,579
Supplemental cash flow information    
Deferred offering costs included in accrued liabilities 82
Deferred preclinical charges included in prepaid expenses and other current assets 503
Cash paid for income taxes $ 1