v3.22.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (4,502,877) $ (1,140,815)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation 253,709 84,509
Changes in operating assets and liabilities:    
Receivable – related party 3,500
Prepaid expenses and other current assets 967,106 (591,662)
Accounts payable (26,771) 82,027
Accrued expenses (129,085) 188,560
Net cash used in operating activities (3,437,918) (1,373,881)
Cash flows from financing activities:    
Proceeds from issuance of Series A preferred milestone warrants 2,250,000
Repayment of promissory notes, related party (201,286)
Deferred offering costs (392,730)
Net cash provided by financing activities 1,655,984
Net (decrease) increase in cash (3,437,918) 282,103
Cash, beginning of period 19,985,645 3,024,980
Cash, end of the period 16,547,727 3,307,083
Supplemental cash flow information:    
Cash paid for interest 13,053
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Deemed dividends 8,208,393
Fair value of warrants issued to investors $ 10,458,393

Source