Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.21.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,892,990) $ (8,591,429)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,014,246 1,602,318
Non-cash warrant modification expense 441,763
Amortization of intangible assets 564 565
Changes in operating assets and liabilities:    
Prepaid research and development 303,881 (30,956)
Prepaid expenses and other current assets (142,190) (41,952)
Accounts payable 458,535 90,533
Accrued expenses 624,793 190,544
Net cash used in operating activities (7,633,161) (6,338,614)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Advance to seller (350,000)
Net cash used in investing activities (350,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from equity offerings 5,157,215 8,195,673
Proceeds from warrant exercises 450,008 1,050,950
Net cash provided by financing activities 5,607,223 9,246,623
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,375,938) 2,908,009
CASH AND CASH EQUIVALENTS-BEGINNING OF YEAR 6,777,052 3,869,043
CASH AND CASH EQUIVALENTS-END OF YEAR 4,401,114 6,777,052
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid
Income taxes paid
Reclassification of stock-based comp from accrued expenses 117,001
Non-cash cost of commitment shares $ 295,750