Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 1,130,898 $ (10,875,793)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 731 813
Stock-based compensation expense 344,577 330,212
Change in fair value of derivative liabilities (5,151,124) 602,749
Fair value of derivative liabilities in excess of proceeds 322,644 7,174,634
Loss on extinguishment of secured convertible promissory note - related party   590,392
Amortization of debt discount 244,751 34,608
Changes in assets and liabilities:    
Prepaid expenses (169,079) 135,907
Other current assets   (2,609)
Accounts payable 57,862 (89,001)
Accounts payable to related party   65,000
Other current liabilities 182,494 (79,487)
Net cash used in operating activities (3,036,246) (2,112,575)
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 Common stock issuance, net of $16,901 issuance costs   3,233,099
Proceeds from Series B warrant exercises   98,700
Proceeds from secured convertible promissory note - related party   400,000
Proceeds from convertible multi-draw credit agreement, net of $9,301 issuance costs 3,990,699  
Net cash provided by financing activities 3,990,699 3,731,799
Net increase in cash and restricted cash 954,453 1,614,839
Cash and restricted cash, beginning of period 1,857,885 264,383
Cash and restricted cash, end of period 2,812,338 1,879,222
Reconciliation of cash and restricted cash:    
Cash 2,807,826 1,874,720
Restricted cash 4,512 4,502
Total cash and restricted cash shown in the consolidated statements of cash flows 2,812,338 1,879,222
Cash paid during the period for:    
Interest 165,277  
Income taxes 1,600 1,600
Supplemental disclosures of non-cash financing activities:    
Conversion of outstanding preferred stock into common stock   1,947,227
Conversion of outstanding preferred stock subject to redemption into common stock   828,916
Reclassification of warrant liabilities to equity from exercise of warrants 144,375 1,301,866
Fair value of common stock issued in extinguishment of convertible debt   1,710,000
Fair value of warrants issued in connection with financings   $ 10,424,634
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