Financials

v3.21.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 34,574,769 $ 17,639,575
Prepaid expenses and other current assets 86,917 343,106
Total current assets 34,661,686 17,982,681
Property and equipment, net 18,085 42,713
Operating lease right-of-use assets 567,766 655,138
Total assets 35,247,537 18,680,532
Current liabilities:    
Accounts payable and accrued expenses 1,930,271 937,020
Short-term notes payable 228,227
Operating lease liabilities 185,689 176,900
Total current liabilities 2,115,960 1,342,147
Long-term liabilities:    
Operating lease liabilities 398,177 493,790
Total long-term liabilities 398,177 493,790
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, -0- and 133.483 Series C shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 2,656,713 7,174,854
Common stock, $0.001 par value; 200,000,000 shares authorized; 116,194,806 and 91,766,928 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 116,195 91,767
Additional paid-in capital 194,558,298 164,022,957
Accumulated deficit (164,597,806) (154,444,983)
Total shareholders’ equity 32,733,400 16,844,595
Total liabilities and shareholders’ equity $ 35,247,537 $ 18,680,532

Source

v3.21.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating expenses:        
Research and development $ 2,467,575 $ 11,543,973 $ 5,728,479 $ 15,256,652
General and administrative 1,370,393 808,333 3,346,969 2,327,416
Total operating expenses 3,837,968 12,352,306 9,075,448 17,584,068
Loss from operations (3,837,968) (12,352,306) (9,075,448) (17,584,068)
Other income (expense):        
Interest income 24,254 16,495 44,287 61,010
Interest expense (1,033) (885) (3,601) (2,593)
Local business tax (600) (600) (1,200) (1,200)
Miscellaneous income 670 1,795
Total other income, net 22,621 15,010 40,156 59,012
Loss before income taxes (3,815,347) (12,337,296) (9,035,292) (17,525,056)
Income tax benefit
Net loss $ (3,815,347) $ (12,337,296) $ (9,035,292) $ (17,525,056)
Basic and diluted net loss per share $ (0.03) $ (0.24) $ (0.08) $ (0.36)
Shares used to compute basic and diluted net loss per share 115,864,162 52,222,473 109,357,191 49,173,638

Source

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (9,035,292) $ (17,525,056)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 25,176 25,985
Stock-based compensation expense 1,354,901 1,022,255
Stock issued for purchase of Noachis Terra 8,030,699
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 256,189 274,581
Accounts payable and accrued expenses 993,251 (484,159)
Net cash used in operating activities (6,405,775) (8,655,695)
Cash flows from financing activities:    
Borrowings under short-term notes payable 132,088
Payments on short-term notes payable (228,227) (143,864)
Redemption of Series C Preferred stock (5,635,672)
Proceeds from issuance of common stock for stock option exercise 267,140
Proceeds from issuance of common stock for warrant exercise 2,261,336 28,500
Net proceeds from issuance of common stock 26,676,392
Net cash provided by financing activities 23,340,969 16,724
Net increase (decrease) in cash and cash equivalents 16,935,194 (8,638,971)
Cash and cash equivalents at beginning of period 17,639,575 18,267,994
Cash and cash equivalents at end of period 34,574,769 9,629,023
Supplemental disclosure of cash flow information:    
Interest paid 3,601 2,387
Non-cash investing and financing activities:    
Stock dividend on Series C preferred stock $ 1,117,531 $ 661,458

Source