Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 2 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (174,637) $ (30,252,554)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 199,947
Promissory notes accrued interest 1,286
Change in Fair Value of Warrant Liability 26,626,710
Changes in operating assets and liabilities:    
Receivable - related party 3,500
Prepaid expenses and other current assets (1,667,846)
Accounts payable 110,048
Accrued expenses 22,579 109,006
Net cash used in operating activities (150,772) (4,871,189)
Cash flows from financing activities:    
Proceeds from issuance of promissory notes to related party 200,000
Proceeds from issuance of Series A convertible preferred stock 3,000,000
Payment of issuance costs on Series A convertible preferred stock (24,248)
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 3,175,752 21,831,854
Net increase in cash 3,024,980 16,960,665
Cash, beginning of period 3,024,980
Cash, end of the period 3,024,980 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
Proceeds due from issuance of common stock to founder 3,500
Deemed dividend 8,208,393
Fair value of warrants issued to investors 10,458,393
Cashless exercise of warrants into convertible preferred stock upon IPO $ 37,085,103