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
Operating Activities    
Net Loss $ (12,513,896) $ (13,583,610)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Closure of EyeGate Pharma S.A.S. Subsidiary (53,882) 0
Depreciation and Amortization of Intangible Assets 51,798 41,609
Reduction of Right-of-Use Assets 10,626 92,419
Stock-Based Compensation 754,944 462,450
Impairment of In-Process R&D 1,904,314 0
Change in Fair Value of Contingent Consideration 1,992,399 582,605
Change in Fair Value of Warrant Liability 0 1,425,102
Deferred Taxes 90,319 (113,010)
Loss (Gain) on Disposal of Assets 28,379 (4,211)
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets 885 275,161
Tax Receivables (548,109) (872,736)
Other Assets (7,583) (22,465)
Accounts Payable (808,016) 782,463
Operating Lease Liabilities 584 (103,629)
Accrued Expenses (459,713) 609,719
Net Cash Used in Operating Activities (9,556,951) (10,428,133)
Investing Activities:    
Proceeds on Sale of Equipment 0 6,375
Net Cash Provided by Investing Activities 0 6,375
Financing Activities:    
Exercise of Warrants 307,079 520,000
Proceeds from Private Placement, Net of Issuance Costs 115,715 0
Proceeds from Warrant Inducement, Net of Issuance Costs 0 2,738,831
Payments Made for Fractional Shares Related to the Reverse Stock Split 0 (15,629)
Payment of Contingent Consideration (495,000) 0
Net Cash Provided by Financing Activities 5,966,066 8,620,921
Effect of Exchange Rate Changes on Cash 36,020 (85,037)
Net Decrease in Cash and Cash Equivalents (3,554,865) (1,885,874)
Cash and Cash Equivalents, Including Restricted Cash, Beginning of Year 6,013,816 7,899,690
Cash and Cash Equivalents, Including Restricted Cash, End of Year 2,458,951 6,013,816
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Creation of Right-of-Use Assets and Related Lease Liabilities 114,747 55,415
Grant of Restricted Stock Awards 10,345 300
Series E Preferred Stock    
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Conversion of Preferred Stock into Common Stock 0 1,600
Series F Preferred Stock    
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Conversion of Preferred Stock into Common Stock 31,706 0
Public Offering    
Financing Activities:    
Proceeds from issuance of common stock, net of offering costs 5,595,962 5,377,719
Equity Line Of Credit    
Financing Activities:    
Proceeds from issuance of common stock, net of offering costs $ 442,310 $ 0