Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities:    
Net Loss $ (5,050,119) $ (3,669,301)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 23,203 15,705
Reduction of Right-of-Use Assets 86,387 83,926
Stock-Based Compensation 479,837 342,971
Expiration of Prepaid Agreement   159,848
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets 8,786 (105,436)
Refundable Tax Credit Receivable (222,645) 3,342
Other Assets 11,153 3,061
Accounts Payable (142,444) (115,995)
Lease Liabilities (86,387) (83,926)
Accrued Expenses (315,196) (501,610)
Net Cash Used in Operating Activities (5,207,425) (3,867,415)
Investing Activities:    
Purchases of Property, Plant and Equipment (63,865)  
Net Cash Used in Investing Activities (63,865)  
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 7,988,861 4,501,313
Paycheck Protection Program Loan Proceeds   278,190
Paycheck Protection Program Loan Forgiveness (278,190)  
Exercise of Warrants 50,001  
Net Cash Provided by Financing Activities 7,760,672 4,779,503
Effect of Exchange Rate Changes on Cash (11,835) 161
Net Increase in Cash 2,477,547 912,249
Cash, Including Restricted Cash, Beginning of Period 1,230,677 3,821,712
Cash, Including Restricted Cash, End of Period 3,708,224 4,733,961
Supplemental Disclosures of Noncash Operating and Financing Activities    
Grant of Restricted Stock Awards   490
ASU 2016-02 | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities $ 313,312 $ 102,579