Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (2,341,660) $ (14,774,392)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 365 366
Stock-based compensation expense 64,142 171,493
Change in fair value of derivative liabilities (35,903) 12,820,618
Fair value of derivative liabilities in excess of proceeds 0 322,644
Amortization of debt discount 130,710 56,952
Changes in assets and liabilities:    
Prepaid expenses 53,628 (208,619)
Other current assets 3,662  
Accounts payable 807,457 152,684
Accounts payable to related party 30,903  
Accrued interest due to related party 35,645  
Other current liabilities (15,062) 27,134
Net cash used in operating activities (1,266,113) (1,431,120)
Cash flows from financing activities:    
Proceeds from convertible multi-draw credit agreement - related party, net of issuance costs   3,990,699
Net cash provided by financing activities   3,990,699
Net (decrease) increase in cash and restricted cash (1,266,113) 2,559,579
Cash and restricted cash, beginning of year 1,834,515 1,857,885
Cash and restricted cash, end of year 568,402 4,417,464
Reconciliation of cash and restricted cash:    
Cash 563,864 4,412,952
Restricted cash 4,538 4,512
Total cash and restricted cash shown in the consolidated statements of cash flows 568,402 4,417,464
Cash paid during the year for:    
Interest   59,111
Supplemental disclosures of non-cash financing activities:    
Beneficial conversion feature on convertible multi-draw credit agreement   1,584,850
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
Reclassification of warrant liabilities to equity from exercise of warrants $ 26,563