Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (5,187,760) $ (3,325,717)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 13,125 12,870
Stock-based compensation expense 865,110 145,829
Stock issued in exchange for services 6,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 241,397 18,585
Accounts payable and accrued expenses 245,256 931,757
Net cash used in operating activities (3,822,872) (2,210,676)
Cash flows from financing activities:    
Payments on short-term notes payable (73,017) (64,376)
Net proceeds from issuance of common stock and warrants 11,415,676
Net cash provided by (used in) financing activities (73,017) 11,351,300
Net increase (decrease) in cash and cash equivalents (3,895,889) 9,140,624
Cash and cash equivalents at beginning of period 18,267,994 20,208,301
Cash and cash equivalents at end of period 14,372,105 29,348,925
Supplemental disclosure of cash flow information:    
Interest paid 1,708 1,297
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 17,688
Stock dividend on Series C preferred stock 661,458 413,215
Par value of common stock issued in exchange for services $ 13