v3.19.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,532,941) $ (10,362,230)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 1,133,333 5,068,514
Non-cash interest expense 745,659
Non-cash warrant modification expense 441,763
Amortization of intangible assets 424 423
Amortization of debt discounts 166,275
Loss on debt extinguishments 3,484,502
Changes in operating assets and liabilities:    
Prepaid research and development expenses 45,905
Prepaid expenses and other current assets (193,332) (419,594)
Accounts payable and accrued expenses 518,972 (78,024)
Net cash used in operating activities (4,585,876) (1,394,475)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Senior Note 275,000
Net proceeds from sale of equity 8,195,673 6,267,932
Proceeds from Senior Secured Notes, including related party 410,000
Repayment of Senior Secured Bridge Note (150,000)
Repayment of Senior Secured Notes Payable, including related party (510,000)
Repayment of Contingent Payable (100,000)
Proceeds of warrant exercises 1,050,841
Net cash provided by financing activities 9,246,514 6,192,932
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,660,638 4,798,457
CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD 3,869,043 18,248
CASH AND CASH EQUIVALENTS-END OF PERIOD 8,529,681 4,816,705
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid 38,160
Income taxes paid
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of warrants for financing costs classified as debt discount 222,950
Issuance of beneficial conversion discount on convertible notes payable 52,050
Exchange of Subordinated notes in the amount of $115,639 for Senior secured notes 100,000
Stock and warrants issued per terms of June 2018 notes and Firstfire note 3,747,207
Stock and warrants issued for MVA agreement 385,191
Stock and warrants issued for conversion of $235,000 note $ 545,307

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