v3.19.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,817,058) $ (2,171,306)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation 748,464 1,600,342
Non-cash warrant modification expense 441,763
Amortization of intangible assets 283 281
Amortization of debt discounts 60,993
Loss (gain) on debt extinguishments (12,241)
Changes in operating assets and liabilities:    
Prepaid research and development expenses 234,273
Prepaid expenses and other current assets 162,340 (21,044)
Accounts payable and accrued expenses 368,579 139,753
Net cash used in operating activities (2,861,356) (403,222)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Senior Note 275,000
Net proceeds from sale of equity 8,195,673
Proceeds from Senior Secured Notes, including related party 410,000
Repayment of Senior Secured Bridge Note (150,000)
Proceeds of warrant exercises 1,050,663
Net cash provided by financing activities 9,246,336 535,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 6,384,980 131,778
CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD 3,869,043 18,248
CASH AND CASH EQUIVALENTS-END OF PERIOD 10,254,023 150,026
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid
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

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