Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (6,825,619) $ (30,252,554)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 480,661 199,947
Fair value adjustment for Milestone Warrants 26,626,710
Changes in operating assets and liabilities:    
Receivable - related party 3,500
Prepaid expenses 636,886 (1,667,846)
Accounts payable 270,780 110,048
Accrued expenses 118 109,006
Net cash used in operating activities (5,437,174) (4,871,189)
Cash flows from financing activities:    
Proceeds from issuance of common stock to the public, net of underwriter discount 20,604,770
Payment of initial public offering costs (821,630)
Proceeds from issuance of milestone warrants 2,250,000
Repayment of promissory notes, related party (201,286)
Net cash provided by financing activities 21,831,854
Net (decrease) increase in cash (5,437,174) 16,960,665
Cash, beginning of period 19,985,645 3,024,980
Cash, end of the period 14,548,471 19,985,645
Supplemental cash flow information:    
Cash paid for interest 13,053
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Conversion of preferred to common stock upon issuance of common stock to the public 40,060,855
Deemed dividend 8,208,393
Cashless exercise of warrants into convertible preferred stock $ 37,085,103