XML 15 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net (loss) income $ (12,610,083) $ 32,460,894
Adjustments to reconcile net (loss) income to net cash used in operating activities    
Stock-based compensation, net 346,626 287,339
Depreciation and amortization 975,295 968,034
Issuance of common stock for services 60,000 60,000
Derivative loss (gain) 1,232,925 (41,110,851)
Changes in operating assets and liabilities    
Increase in prepaid expenses and other (1,389,634) (278,666)
Increase (decrease) in accounts payable and accrued expenses 805,085 (2,154,477)
Decrease in lease liability (51,907) (44,652)
Net cash used in operating activities (10,631,693) (9,812,379)
Cash flows used in investing activities    
Purchase of fixed assets (14,120) (485,750)
Net cash used in investing activities (14,120) (485,750)
Cash flows from financing activities    
Proceeds from sale of common stock in connection with the equity distribution agreement 142,321 0
Costs related to sale of common stock in connection with the equity distribution agreement (144,329) 0
Proceeds from sale of common stock in connection with the public offering 12,000,000 8,000,000
Costs related to sale of common stock in connection with the public offering (1,243,372) (844,409)
Proceeds from warrant exercises 350,000 2,969,119
Proceeds from option exercises 0 636,410
Net cash provided by financing activities 11,104,620 10,761,120
Net change in cash and cash equivalents 458,807 462,991
Cash and cash equivalents at beginning of period 7,585,392 8,209,071
Cash and cash equivalents at end of period 8,044,199 8,672,062
Non-cash transactions:    
Initial lease liability arising from the adoption of ASU 2016-02 1,704,153 0
Initial recognition of right-of-use asset arising from the adoption of ASU 2016-02 1,167,821 0
Warrant derivative liability in connection with the public offering $ 0 $ 8,008,500