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 ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities:    
Net Loss $ (3,565,014) $ (2,010,618)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization 10,773 10,599
Reduction of Right-of-Use Assets 51,102 39,490
Stock-Based Compensation 215,921 216,945
Change in fair value of contingent consideration 233,890 (570,203)
Gain on Disposal of Equipment (4,211)  
Changes in Operating Assets and Liabilities:    
Prepaid Expenses (323,825) 216,078
Tax Receivable (33,497) (59,706)
Other Assets (10,856) 8,073
Accounts Payable 141,641 22,583
Lease Liabilities (51,102) (39,490)
Accrued Expenses 502,792 (403,802)
Net Cash Used in Operating Activities (2,832,386) (2,570,051)
Investing Activities:    
Purchases of Property and Equipment   (58,119)
Proceeds on Sale of Equipment 6,375  
Net Cash Provided by (Used in) Investing Activities 6,375 (58,119)
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 0 7,988,861
Exercise of Warrants   50,001
Net Cash Provided by Financing Activities 0 8,038,862
Effect of Exchange Rate Changes on Cash 38,675 14,123
Net (Decrease) Increase in Cash (2,787,336) 5,424,815
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 7,899,690 1,230,677
Cash, Cash Equivalents and Restricted Cash, End of Period 5,112,354 6,655,492
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 $ 0 $ 201,089