Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,833,764) $ (2,276,813)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 1,324,687 570,633
Depreciation of fixed assets 662  
Fixed Asset Disposal 6,954  
Amortization of intangible assets 141 141
Amortization of right-to-use asset 11,663  
Change in fair value of contingent liability (6,275)  
Changes in operating assets and liabilities:    
Prepaid research and development expenses (3,847) (206,278)
Prepaid expenses and other current assets 204,179 119,117
Accrued expenses 474,810 (38,399)
Accounts payable (12,246) 6,178
Change in operating lease liability (10,388)  
Net cash used in operating activities (2,843,424) (1,825,421)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (30,875)  
Purchase consideration paid for acquisition, net of cash acquired 30,589  
Net cash provided by (used in) investing activities (286)  
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from sale of common stock 2,641,003  
Proceeds from warrant exercise 1,425,000  
Proceeds from options exercise 14,500  
Net cash provided by financing activities 4,080,503  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 1,236,793 (1,825,421)
CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD 4,401,114 6,777,052
CASH AND CASH EQUIVALENTS-END OF PERIOD 5,637,907 4,951,631
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid
Income taxes paid  
Issuance of common stock for acquisition 1,060,150  
Contingent consideration for acquisition $ 732,287  
Reclassification of stock-based comp from accrued expenses   $ 117,001