Decorative
Decorative
Decorative Decorative

Cash Flow

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net Loss $ (5,058,592) $ (3,800,227)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,096 1,096
Stock-based compensation expense 241,216 514,683
Change in fair value of derivative liabilities (433,688) (2,024,660)
Fair value of derivative liabilities in excess of proceeds   322,644
Amortization of debt discount 402,624 438,964
Changes in assets and liabilities:    
Prepaid expenses 36,469 (302,248)
Other current assets 4,217 (766)
Accounts payable 601,823 191,333
Accounts payable to related party 11,400  
Accrued interest due to related party 81,813  
Other current liabilities (156,576) 134,469
Net cash used in operating activities (4,268,198) (4,524,712)
Cash flows from financing activities:    
Proceeds from the sale of common stock and warrants - net of $854,078 issuance costs for September 30, 2020 6,085,589  
Proceeds from multi-draw credit agreement - related party, net of $0 and $9,301 issuance costs for the September 30, 2020 and September 30, 2019 periods, respectively 450,000 3,990,699
Proceeds from PPP loan 116,700  
Proceeds from pre-funded warrant exercises 10,533  
Net cash provided by financing activities 6,662,822 3,990,699
Net increase (decrease) in cash and restricted cash 2,394,624 (534,013)
Cash and restricted cash, beginning of period 1,834,515 1,857,885
Cash and restricted cash, end of period 4,229,139 1,323,872
Reconciliation of cash and restricted cash:    
Cash 4,224,601 1,319,360
Restricted cash 4,538 4,512
Total cash and restricted cash shown in the consolidated statements of cash flows 4,229,139 1,323,872
Cash paid during the period for:    
Interest 35,645 272,611
Income taxes 1,600 1,600
Supplemental disclosures of non-cash financing activities:    
Reclassification of warrant liabilities to equity from exercise of warrants $ 26,563 144,375
Proceeds allocated to equity classified warrants issued with convertible multi-draw credit agreement   716,110
Fair value of compound derivative liability bifurcated from convertible multi-draw credit agreement   193,414
Beneficial conversion feature on convertible multi-draw credit agreement   $ 1,584,850

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