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, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (16,264,961) $ (13,044,772)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 156,664 147,687
Stock-based compensation 2,216,316 2,609,370
Equity modification expense 2,290,688  
Amortization of debt discount 463,781 420,341
Amortization of debt issuance costs 40,716 19,510
Discount on investments 2,734 (34,574)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (52,381) (100,681)
Accounts payable 282,823 (697,959)
Accrued liabilities 909,567 564,879
Accrued payroll and other compensation 175,580 10,094
Net cash used in operating activities (9,778,473) (10,106,105)
Cash flows from investing activities:    
Purchases of property and equipment (25,912) (149,545)
Payment for security deposit (3,161) (7,449)
Purchases of investments (25,417,000) (40,348,000)
Proceeds from redemptions of investments 7,294,000 56,843,000
Net cash (used in) provided by investing activities (18,152,073) 16,338,006
Cash flows from financing activities:    
Proceeds from public offering, net 13,655,531
Proceeds from the At-the-Market Offering, net 4,308,352
Proceeds from exercise of warrants 45,000 57,500
Proceeds from exercise of employee stock options 252,385 552,110
Net cash provided by financing activities 18,261,268 609,610
Net (decrease) increase in cash and cash equivalents (9,669,278) 6,841,511
Cash and cash equivalents at beginning of period 12,563,853 5,722,342
Cash and cash equivalents at end of period 2,894,575 12,563,853
Non-cash financing activities:    
Conversion of Promissory Notes to Common Stock 3,847,018
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 1,300 $ 1,300