Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.19.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (9,914,141) $ (6,731,525)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 30,110 65,803
Stock issued as compensation to non-employee directors 24,320 123,200
Stock-based compensation expense 996,038 437,278
Stock issued in exchange for services 12,000  
Warrant issued in exchange for services   118,237
Decrease in fair value of derivative liability   (188,727)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (453,456) (713,896)
Accounts payable and accrued expenses 225,312 525,777
Net cash used in operating activities (9,079,817) (6,363,853)
Cash flows from investing activities:    
Purchase of property and equipment (124,727)  
Net cash used by investing activities (124,727)  
Cash flows from financing activities:    
Payments on short-term notes payable (200,755) (157,946)
Proceeds from issuance of note payable to shareholder   2,400,000
Net proceeds from issuance of common stock, convertible preferred stock, and warrants 12,431,629  
Proceeds from issuance of common stock for warrant exercise 9,505,501  
Net proceeds from issuance of convertible preferred stock and warrants   6,176,761
Proceeds from payment of stock subscription receivable   30,563
Net proceeds from issuance of common stock and warrants 1,510,327  
Net cash provided by financing activities 23,246,702 8,449,378
Net increase in cash and cash equivalents 14,042,158 2,085,525
Cash and cash equivalents at beginning of period 6,166,143 4,080,618
Cash and cash equivalents at end of period 20,208,301 6,166,143
Supplemental disclosure of cash flow information:    
Interest paid 5,786 4,495
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 244,490 172,047
Par value of restricted shares issued 16 160
Par value of common stock issued 25  
Fair market value of 48,387 warrants issued for financial advisory services   118,237
Series C Preferred Stock [Member]    
Non-cash investing and financing activities:    
Stock dividend on Series C preferred stock 58,670  
Series C Preferred Stock [Member] | Convertible Notes Payable [Member]    
Non-cash investing and financing activities:    
Debt converted to Series C preferred stock   2,400,000
Series C Preferred Stock [Member] | Accounts Payable and Accrued Expenses [Member]    
Non-cash investing and financing activities:    
Debt converted to Series C preferred stock   $ 984,799
Series A Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued 259  
Value of Series A preferred stock converted into common stock 268,096  
Series D Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued 9,364  
Value of Series A preferred stock converted into common stock 4,464,107  
Deemed dividend on Series D preferred stock $ 1,412,041