Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v3.19.3
Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (11,968,726) $ (7,158,521)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 44,344 18,393
Stock issued as compensation to non-employee directors 24,320
Stock-based compensation expense 542,592 848,612
Stock issued in exchange for services 12,001 6,001
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,442,087 (389,191)
Accounts payable and accrued expenses 851,374 548,510
Net cash used in operating activities (9,076,328) (6,101,876)
Cash flows from investing activities:    
Purchase of property and equipment (11,354) (60,242)
Net cash used in investing activities (11,354) (60,242)
Cash flows from financing activities:    
Payments on short-term notes payable (179,371) (134,561)
Net proceeds from issuance of common stock and warrants 11,350,676 1,510,327
Net proceeds from issuance of common stock, convertible preferred stock, and warrants 12,431,627
Net cash provided by financing activities 11,171,305 13,807,393
Net increase in cash and cash equivalents 2,083,623 7,645,275
Cash and cash equivalents at beginning of period 20,208,301 6,166,143
Cash and cash equivalents at end of period 22,291,924 13,811,418
Supplemental disclosure of cash flow information:    
Interest paid 4,531 3,643
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 272,577 244,490
Par value of restricted stock issued 16
Stock dividend on Series C preferred stock 413,215 58,670
Deemed dividend on Series D preferred stock 1,412,041
Par value of common stock issued in exchange for services 25 13
Series A Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued in connection with stock conversion 259
Conversion of preferred stock into common stock 268,096
Series D Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued in connection with stock conversion 7,868
Conversion of preferred stock into common stock $ 3,750,920