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 ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities:    
Net Loss $ (8,016,943) $ (5,676,175)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 34,260 24,343
Reduction of Right-of-Use Assets 133,514 124,896
Stock-Based Compensation 629,306 530,704
Expiration of Prepaid Agreement   159,848
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets 107,940 (202,909)
Refundable Tax Credit Receivable (335,096) 2,303
Other Assets 12,826 16,369
Accounts Payable (9,875) (150,755)
Lease Liabilities (133,514) (124,896)
Accrued Expenses 100,050 (311,430)
Net Cash Used in Operating Activities (7,477,532) (5,607,702)
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 17,745,207 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 17,517,018 4,779,503
Effect of Exchange Rate Changes on Cash (54,371) (17,164)
Net Increase (Decrease) in Cash 9,921,250 (845,363)
Cash, Including Restricted Cash, Beginning of Period 1,230,677 3,821,712
Cash, Including Restricted Cash, End of Period 11,151,927 2,976,349
Supplemental Disclosures of Noncash Operating and Financing Activities    
Conversion of Series C Preferred Stock into Common Stock 8,525  
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