Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (12,775,025) $ (7,300,458)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 3,031,226 0
Goodwill impairment 3,283,379 0
Depreciation 4,199 15,827
Amortization of right of use asset 23,288 0
Gain on sale of property and equipment (2,000) (15,437)
Share-based expense 806,090 1,362,079
Vendor share-based payments 47,427 69,708
Issuance of warrants in connection with reverse stock split 63,536 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (653,563) (251,798)
Accounts payable, accrued expenses and other liabilities (227,961) (343,878)
Net cash used in operating activities (6,399,404) (6,463,957)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 2,000 22,500
Net cash provided by investing activities 2,000 22,500
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock and warrants in public offering 13,421,950 0
Net proceeds from issuance of common stock and warrants in registered direct offering 2,699,050 0
Proceeds from exercise of warrants 6,209 1,480,000
Net cash provided by financing activities 16,127,209 1,480,000
Net change in cash and restricted cash 9,729,805 (4,961,457)
Cash and restricted cash at beginning of period 638,115 5,599,572
Cash and restricted cash at end of period 10,367,920 638,115
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 8 599
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Right of use assets obtained in exchange for lease obligations 43,330 0
Issuance of common stock to vendor 7 0
Issuance of common stock to acquire in-process research and development 3,031,226 0
Issuance of common stock to adjust for Reverse Stock Split 1 0
Issuance of common stock from cashless exercise of purchase warrants 2,202 0
Conversion of Series B preferred stock to common stock $ 0 $ 316