Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

v3.20.2
Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (8,320,092) $ (5,978,626)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 84,300 70,651
Stock-based compensation 1,535,772 1,427,823
Equity modification expense 1,801,043
Amortization of debt discount 174,401 210,170
Amortization of debt issuance costs 8,960 9,755
Discount on investments 192 (3,328)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (401,547) (282,996)
Accounts payable 307,573 (948,315)
Accrued liabilities 72,146 196,306
Accrued payroll and other compensation (51,449) (377,754)
Net cash used in operating activities (4,788,701) (5,676,314)
Cash flows from investing activities:    
Purchases of property and equipment (8,169) (12,421)
Payment for security deposit (3,161)
Purchases of investments (249,269) (26,924,000)
Proceeds from redemptions of investments 30,373,000
Net cash (used in) provided by investing activities (260,599) 3,436,579
Cash flows from financing activities:    
Proceeds from the At-the-Market Offering, net 4,305,115
Proceeds from exercise of warrants 45,000 57,500
Proceeds from exercise of employee stock options 232,557 273,572
Net cash provided by financing activities 4,582,672 331,072
Net decrease in cash and cash equivalents (466,628) (1,908,663)
Cash and cash equivalents at beginning of period 12,563,853 5,722,342
Cash and cash equivalents at end of period 12,097,225 3,813,679
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 1,300 $ 1,300