Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,893,466) $ (12,775,025)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 0 3,031,226
Asset impairment charges 9,243,128 3,283,379
Deferred income taxes (2,918,518) 0
Depreciation 757 4,199
Amortization of right of use asset 28,080 23,288
Gain on sale of property and equipment 0 (2,000)
Gain on settlement with vendor (143,639) 0
Share-based expense 468,914 806,090
Issuance of warrants in connection with reverse stock split 0 63,536
Vendor share-based payments 0 47,427
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 325,662 (653,563)
Accounts payable, accrued expenses and other liabilities (378,111) (227,961)
Net cash used in operating activities (4,267,193) (6,399,404)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 0 2,000
Net cash provided by investing activities 0 2,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock in registered direct offering 5,426,825 0
Net proceeds from issuance of common stock and warrants in public offering 0 13,421,950
Net proceeds from issuance of common stock and warrants in registered direct offering 0 2,699,050
Proceeds from exercise of warrants 0 6,209
Net cash provided by financing activities 5,426,825 16,127,209
Net change in cash 1,159,632 9,729,805
Cash at beginning of period 10,367,920 638,115
Cash at end of period 11,527,552 10,367,920
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 8
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Right of use assets obtained in exchange for lease obligations 70,564 43,330
Issuance of common stock to vendor 1 7
Issuance of common stock to acquire in-process research and development 0 3,031,226
Issuance of common stock to adjust for Reverse Stock Split 0 1
Issuance of common stock from cashless exercise of purchase warrants $ 229 $ 2,202