XML 38 R7.htm IDEA: XBRL DOCUMENT v3.20.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net loss $ (4,088,562) $ (3,904,771)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 119,320 126,781
Stock-based compensation expense 177,309 200,067
Change in fair value of derivative financial instruments—warrants (2,107) 9,761
Release of clinical trial funding commitment 293,017 70,487
Changes in operating assets and liabilities:    
Other assets 1,206 15,725
Accounts receivable and unbilled receivable 97,048 52,079
Prepaid expenses 55,506 179,691
Operating lease right-of-use assets 79,796 73,188
Accounts payable and accrued expenses 88,283 3,635
Operating lease liabilities (206,129) (186,689)
Other liabilities 10,676 0
Net cash used in operating activities (3,374,637) (3,360,046)
Investing activities:    
Capital expenditures 0 (5,274)
Net cash used in investing activities 0 (5,274)
Financing activities:    
Proceeds from sales of common stock and warrants 1,000,001 0
Costs related to the clinical trial funding commitment 0 (40,000)
Proceeds from exercise of warrants 1,456,369 3,282,266
Net cash provided by financing activities 2,456,370 3,242,266
Net change in cash and cash equivalents (918,267) (123,054)
Cash and cash equivalents—Beginning of period 10,195,292 11,453,133
Cash and cash equivalents—End of period 9,277,025 11,330,079
Supplementary disclosure of cash flow activity:    
Cash paid for taxes 800 800
Supplemental disclosure of non-cash investing and financing activities:    
Preferred stock dividend payable on Series A Convertible Preferred Stock 6,060 6,060
Deemed dividend recognized for beneficial conversion features of Series C Convertible Preferred Stock issuance 0 268,269
Common stock, preferred stock and warrants issued in connection with clinical trial funding commitment $ 0 $ 1,675,000