Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (26,430,699) $ (15,566,003)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 51,705 62,622
Stock-based compensation expense 1,491,165 552,997
Stock issued in exchange for services 12,001
Stock issued for purchase of Noachis Terra 8,030,699
Forgiveness of Paycheck Protection Program loan and accrued interest (132,753)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 640,749 1,427,481
Accounts payable and accrued expenses (603,730) 498,059
Net cash used in operating activities (16,952,864) (13,012,843)
Cash flows from investing activities:    
Purchase of property and equipment (25,214)
Net cash used by investing activities (25,214)
Cash flows from financing activities:    
Borrowings under short-term notes payable 132,088
Payments on short-term notes payable (329,421) (252,926)
Proceeds from issuance of common stock for warrant exercise 5,182,403 11,350,676
Net proceeds from issuance of common stock 11,339,375
Net cash provided by financing activities 16,324,445 11,097,750
Net decrease in cash and cash equivalents (628,419) (1,940,307)
Cash and cash equivalents at beginning of the year 18,267,994 20,208,301
Cash and cash equivalents at end of the year 17,639,575 18,267,994
Supplemental disclosure of cash flow information:    
Interest paid 10,020 7,300
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 413,784 272,577
Stock dividend on Series C preferred stock 661,458 413,214
Par value of common stock issued in exchange for services $ 25