Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v3.21.2
Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (9,261,709) $ (8,320,092)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 72,864 84,300
Stock-based compensation 1,278,002 1,535,772
Equity modification expense 1,801,043
Amortization of debt discount 23,339 174,401
Amortization of debt issuance costs 1,035 8,960
Discount on investments (1,961) 192
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (632,156) (401,547)
Accounts payable 1,130,810 307,573
Accrued liabilities (955,720) 72,146
Accrued payroll and other compensation (121,518) (51,449)
Net cash used in operating activities (8,467,014) (4,788,701)
Cash flows from investing activities:    
Purchases of property and equipment (6,398) (8,169)
Payment for security deposit (2,217) (3,161)
Purchases of investments (18,251,000) (249,269)
Proceeds from redemptions of investments 24,152,000
Net cash provided by (used in) investing activities 5,892,385 (260,599)
Cash flows from financing activities:    
Proceeds from the At-the-Market Offering, net 621,822 4,305,115
Proceeds from exercise of warrants 67,536 45,000
Repayment of promissory notes (365,000)
Proceeds from exercise of employee stock options 958,847 232,557
Net cash provided by financing activities 1,283,205 4,582,672
Net decrease in cash (1,291,424) (466,628)
Cash at beginning of period 2,894,575 12,563,853
Cash at end of period 1,603,151 12,097,225
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 1,332 1,300
Cash paid for interest $ 89,908