Decorative
Decorative
Decorative Decorative

Cash Flow

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net Loss $ (4,184,544) $ (3,761,896)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,948 731
Stock-based compensation expense 258,279 92,851
Change in fair value of derivative liabilities 358,998 (9,550)
Amortization of debt discount 287,781 264,391
Gain on forgiveness of PPP loan (117,953) 0
Changes in assets and liabilities:    
Prepaid expenses and other current assets (72,427) 41,352
Prepaid expenses - related parties (14,805) 0
Other asset - related party (4,000) 0
Accounts payable 17,799 966,474
Accounts payable to related party (1,994) 67,290
Accrued interest due to related party 42,650 37,726
Accrued payroll liabilities 50,960 194,979
Other current liabilities 357,819 (188,501)
Net cash used in operating activities (3,019,489) (2,294,153)
Cash flows from investing activities:    
Purchase of property and equipment (10,170) 0
Net cash used in investing activities (10,170) 0
Cash flows from financing activities:    
Proceeds from multi-draw credit agreement – related party, net of $0 and $9,301 issuance costs for the June 30, 2021 and June 30, 2020 periods, respectively 0 450,000
Proceeds from PPP loan 0 116,700
Proceeds from common stock warrant exercises 5,730,000 0
Proceeds from pre-funded warrant exercises 11,800 0
Proceeds from stock option exercises 4,783 0
Net cash provided by financing activities 5,746,583 566,700
Net increase (decrease) in cash and restricted cash 2,716,924 (1,727,453)
Cash and restricted cash, beginning of period 2,473,976 1,834,515
Cash and restricted cash, end of period 5,190,900 107,062
Reconciliation of cash and restricted cash:    
Cash 5,186,331 102,524
Restricted cash 4,569 4,538
Total cash and restricted cash shown in the consolidated statements of cash flows 5,190,900 107,062
Cash paid during the period for:    
Interest 44,087 0
Income taxes 1,600 1,600
Supplemental disclosures of non-cash financing activities:    
Reclassification of warrant liabilities to equity from exercise of warrants $ 0 $ 26,563

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