Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (13,044,772) $ (15,705,865)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 147,687 79,128
Loss on disposal of property and equipment 1,084
Stock-based compensation 2,609,370 4,318,993
Amortization of debt discount 420,341 311,125
Amortization of debt issuance costs 19,510 14,025
Discount on investments (34,574) 29,583
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (100,681) (96,356)
Accounts payable (697,959) 650,720
Accrued liabilities 564,879 102,655
Accrued payroll and other compensation 10,094 164,528
Net cash used in operating activities (10,106,105) (10,130,380)
Cash flows from investing activities:    
Purchases of property and equipment (149,545) (423,342)
Patent costs 1,739
Payment for security deposit (7,449) (9,889)
Purchases of investments (40,348,000) (41,402,000)
Proceeds from redemptions of investments 56,843,000 30,541,000
Net cash provided by (used in) investing activities 16,338,006 (11,292,492)
Cash flows from financing activities:    
Proceeds from notes payable 3,902,500
Debt issuance costs (57,923)
Proceeds from the Controlled Equity Offering, net 19,304,081
Proceeds from exercise of warrants 57,500 678,240
Proceeds from exercise of employee stock options 552,110 494,866
Net cash provided by financing activities 609,610 24,321,764
Net increase in cash and cash equivalents 6,841,511 2,898,892
Cash and cash equivalents at beginning of period 5,722,342 2,823,450
Cash and cash equivalents at end of period 12,563,853 5,722,342
Non-cash investing and financing activities:    
Warrants issued in connection with note payable 1,253,390
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 1,300 $ 1,508