Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (5,219,945) $ (5,187,760)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,725 13,125
Stock-based compensation expense 1,123,761 865,110
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 120,311 241,397
Accounts payable and accrued expenses (364,281) 245,256
Net cash used in operating activities (4,327,429) (3,822,872)
Cash flows from financing activities:    
Payments on short-term notes payable (113,346) (73,017)
Redemption of Series C Preferred stock (5,635,672)  
Proceeds from issuance of common stock for warrant exercise 2,261,336
Net proceeds from issuance of common stock 26,676,392
Net cash provided by (used in) financing activities 23,188,710 (73,017)
Net increase (decrease) in cash and cash equivalents 18,861,281 (3,895,889)
Cash and cash equivalents at beginning of period 17,639,575 18,267,994
Cash and cash equivalents at end of period 36,500,856 14,372,105
Supplemental disclosure of cash flow information:    
Interest paid 2,568 1,708
Non-cash investing and financing activities:    
Stock dividend on Series C Preferred stock $ 1,117,531 $ 661,458