Financials

v3.20.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 17,639,575 $ 18,267,994
Prepaid expenses and other current assets 343,106 570,071
Total current assets 17,982,681 18,838,065
Property and equipment, net 42,713 91,968
Operating lease right-of-use assets 655,138 822,684
Total assets 18,680,532 19,752,717
Current liabilities:    
Accounts payable and accrued expenses 937,020 1,541,415
Short-term notes payable 228,227 143,864
Operating lease liabilities 176,900 165,096
Total current liabilities 1,342,147 1,850,375
Long-term liabilities    
Operating lease liabilities 493,790 670,690
Total long-term liabilities 493,790 670,690
Shareholders' equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 and 9,417,000 Series A shares, 6,600,000 and 6,600,000 Series B shares, 133,483 and 113.941 Series C shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 7,174,854 6,513,396
Common stock, $0.001 par value; 200,000,000 shares authorized 91,766,928 and 46,124,803 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 91,767 46,125
Additional paid-in capital 164,022,957 138,024,957
Accumulated deficit (154,444,983) (127,352,826)
Total shareholders' equity 16,844,595 17,231,652
Total liabilities and shareholders' equity $ 18,680,532 $ 19,752,717

Source

v3.20.4
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating expenses:    
Research and development $ 22,107,563 $ 12,120,318
General and administrative 4,533,893 3,757,251
Total operating expenses 26,641,456 15,877,569
Loss from operations (26,641,456) (15,877,569)
Other income (expense):    
Interest income 89,294 320,011
Interest expense (10,685) (7,300)
Local business tax (2,400) (1,601)
Other income 1,795 456
Forgiveness of Paycheck Protection Program loan and accrued interest 132,753
Total other income (expense), net 210,757 311,566
Loss before income taxes (26,430,699) (15,566,003)
Income tax benefit
Net loss $ (26,430,699) $ (15,566,003)
Basic and diluted net loss per share $ (0.47) $ (0.37)
Shares used to compute basic and diluted net loss per share 56,531,246 42,283,947

Source

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

Source