Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (4,217,563) $ (2,920,584)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 43,958 34,623
Stock-based compensation 882,645 763,659
Equity modification expense 802,400  
Amortization of debt discount 87,201 105,085
Amortization of debt issuance costs 4,081 4,878
Discount on investments 8,940
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 63,414 48,826
Accounts payable 17,348 (887,190)
Accrued liabilities (6,018) 118,657
Accrued payroll and other compensation (104,435) (123,887)
Net cash used in operating activities (2,426,969) (2,846,993)
Cash flows from investing activities:    
Purchases of property and equipment (7,183) (4,676)
Payment for security deposit (3,161)
Purchases of investments (15,485,000)
Proceeds from redemptions of investments 16,495,000
Net cash (used in) provided by investing activities (10,344) 1,005,324
Cash flows from financing activities:    
Proceeds from exercise of warrants 57,500
Proceeds from exercise of employee stock options 42,226 151,601
Net cash provided by financing activities 42,226 209,101
Net decrease in cash and cash equivalents (2,395,087) (1,632,568)
Cash and cash equivalents at beginning of period 12,563,853 5,722,342
Cash and cash equivalents at end of period $ 10,168,766 $ 4,089,774