General form of registration statement for all companies including face-amount certificate companies

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:        
Net income (loss) $ (2,341,660) $ (14,774,392) $ 1,051,825 $ (19,194,236)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 365 366 1,462 1,544
Stock-based compensation expense 64,142 171,493 680,455 674,961
Loss on disposal of assets       803
Change in fair value of derivative liabilities (35,903) 12,820,618 (9,734,759) 6,503,174
Fair value of derivative liabilities in excess of proceeds 0 322,644 322,644 7,174,634
Financing transaction costs       137,192
Loss on extinguishment of debt - related party     (725,425) (590,392)
Loss on common stock issuance from conversion of accrued interest       9,794
Amortization of debt discount 130,710 56,952 629,293 58,536
Changes in assets and liabilities        
Prepaid expenses 53,628 (208,619) (59,502) 198,235
Other current assets 3,662   (4,941) (2,609)
Accounts payable 807,457 152,684 124,212 (85,324)
Accounts payable to related party 30,903   10,000  
Accrued interest due to related party 35,645      
Other current liabilities (15,062) 27,134 225,945 (10,110)
Net cash used in operating activities (1,266,113) (1,431,120) (6,027,941) (3,943,014)
Cash flows from investing activities:        
Purchases of property and equipment       (4,385)
Net cash used in investing activities       (4,385)
Cash flows from financing activities:        
Proceeds from the issuance of Common stock and warrants, net of $80,628 and $154,092 of issuance costs in 2019 and 2018, respectively     1,919,372 3,095,908
Proceeds from warrant exercises     4,080,000 98,700
Proceeds from secured convertible promissory note - related party       400,000
Proceeds from convertible multi-draw credit agreement - related party, net of issuance costs   3,990,699 3,990,699 1,946,293
Prepayment of convertible multi-draw credit agreement - related party     (3,985,500)  
Net cash provided by financing activities   3,990,699 6,004,571 5,540,901
Net (decrease) increase in cash and restricted cash (1,266,113) 2,559,579 (23,370) 1,593,502
Cash and restricted cash, beginning of year 1,834,515 1,857,885 1,857,885 264,383
Cash and restricted cash, end of year 568,402 4,417,464 1,834,515 1,857,885
Reconciliation of cash and restricted cash:        
Cash 563,864 4,412,952 1,829,977 1,853,373
Restricted cash 4,538 4,512 4,538 4,512
Total cash and restricted cash shown in the consolidated statements of cash flows 568,402 4,417,464 1,834,515 1,857,885
Cash paid during the year for:        
Interest   59,111 371,420 23,334
Income taxes     1,600 1,642
Supplemental disclosures of non-cash financing activities        
Beneficial conversion feature on convertible multi-draw credit agreement   1,584,850 1,584,850 90,080
Proceeds allocated to equity classified warrants issued with convertible multi-draw credit agreement   716,110 716,110 315,080
Fair value of compound derivative liability bifurcated from convertible multi-draw credit agreement   $ 193,414 193,414 204,102
Reclassification of warrant liabilities to equity from exercise of warrants $ 26,563   $ 6,077,698 1,539,866
Fair value of warrants issued in connection with financings       10,424,634
Conversion of outstanding preferred stock into common stock       1,947,228
Fair value of common stock issued in extinguishment of convertible debt and accrued interest       1,713,766
Conversion of outstanding preferred stock subject to redemption into common stock       $ 828,915