Financials

v3.20.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 9,629,023 $ 18,267,994
Prepaid expenses and other current assets 295,490 570,071
Total current assets 9,924,513 18,838,065
Property and equipment, net 67,341 91,968
Operating lease right-of-use assets 740,086 822,684
Total assets 10,731,940 19,752,717
Current liabilities:    
Accounts payable and accrued expenses 1,057,256 1,541,415
Short-term notes payable 132,088 143,864
Operating lease liabilities 170,680 165,096
Total current liabilities 1,360,024 1,850,375
Long-term liabilities:    
Operating lease liabilities 583,866 670,690
Total long-term liabilities 583,866 670,690
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 June 30, 2020 and December 31, 2019, respectively 7,174,854 6,513,396
Common stock, $0.001 par value; 200,000,000 shares authorized; 55,362,803 and 46,124,803 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 55,363 46,125
Additional paid-in capital 147,097,173 138,024,957
Accumulated deficit (145,539,340) (127,352,826)
Total shareholders' equity 8,788,050 17,231,652
Total liabilities and shareholders' equity $ 10,731,940 $ 19,752,717

Source

v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating expenses:        
Research and development $ 11,543,973 $ 3,879,146 $ 15,256,652 $ 6,292,908
General and administrative 808,333 1,025,708 2,327,416 2,006,156
Total operating expenses 12,352,306 4,904,854 17,584,068 8,299,064
Loss from operations (12,352,306) (4,904,854) (17,584,068) (8,299,064)
Other income (expense):        
Interest income 16,495 99,427 61,010 169,517
Interest expense (885) (733) (2,593) (2,030)
Local business tax (600) (300) (1,200) (600)
Miscellaneous income 1,795
Total other income, net 15,010 98,394 59,012 166,887
Loss before income taxes (12,337,296) (4,806,460) (17,525,056) (8,132,177)
Income tax benefit
Net loss $ (12,337,296) $ (4,806,460) $ (17,525,056) $ (8,132,177)
Basic and diluted net loss per share $ (0.24) $ (0.10) $ (0.36) $ (0.21)
Shares used to compute basic and diluted net loss per share 52,222,473 46,120,545 49,173,638 38,330,274

Source

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (17,525,056) $ (8,132,177)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 25,985 26,192
Stock-based compensation expense 1,022,255 310,417
Stock issued in exchange for services 12,001
Stock issued for purchase of Noachis Terra 8,030,699
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 274,581 1,387,250
Accounts payable and accrued expenses (484,159) 697,695
Net cash used in operating activities (8,655,695) (5,698,622)
Cash flows from investing activities:    
Purchase of property and equipment (11,354)
Net cash used in investing activities (11,354)
Cash flows from financing activities:    
Borrowings under short-term notes payable 132,088
Payments on short-term notes payable (143,864) (129,375)
Proceeds from issuance of common stock for warrant exercise 28,500
Net proceeds from issuance of common stock and warrants 11,350,676
Net cash provided by financing activities 16,724 11,221,301
Net (decrease) increase in cash and cash equivalents (8,638,971) 5,511,325
Cash and cash equivalents at beginning of period 18,267,994 20,208,301
Cash and cash equivalents at end of period 9,629,023 25,719,626
Supplemental disclosure of cash flow information:    
Interest paid 2,387 2,045
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 17,688
Stock dividend on Series C preferred stock 661,458 413,215
Par value of common stock issued in exchange for services $ 25

Source