Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

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Condensed Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,391,967) $ (1,725,336)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 156,100 3,500
Stock-based compensation 589,553 294,003
Common stock issued for services 60,551
Accretion of debt discount 1,299,985
FMV adjustment for Contingent Stock (181,000)
FMV adjustment for Warrants (3,897,930)
IPO Issuance costs relating to Warrants 550,433
Changes in operating assets    
Prepaid expenses and other (27,542)
Inventory (5,448)
Accounts payable and accrued liabilities (245,840) 15,501
Net cash used in operating activities (3,093,105) (1,412,332)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of machinery and equipment (463,355) (1,473,250)
Other assets – escrow and other (2,350,000) (85,262)
Net cash used in investing activities (2,813,355) (1,558,512)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net Proceeds from Initial Public Offering Units 14,202,975
Repayment of note payable (2,000,000)
Proceeds from subscriptions and subscriptions receivable 32,500 1,660,000
Net cash provided by financing activities 12,235,475 1,660,000
NET INCREASE (DECREASE) IN CASH 6,329,015 (1,310,844)
CASH — BEGINNING OF PERIOD 1,479,166 1,790,203
CASH — END OF PERIOD 7,808,181 479,359
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 47,111
Non-cash investing and financing activity:    
FMV for Common stock issued for contingent shares 496,000
Vested stock options and common stock for fixed assets acquired 63,612 500,000
Vested stock options issued as consideration for acquisition $ 40,901