XML 45 R6.htm IDEA: XBRL DOCUMENT 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 $ (6,998,606) $ (3,836,481)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,139,053 866,845
Issuance of common stock from equity transaction 603,924 0
Stock-based 401K company common match 37,080 0
Depreciation and amortization expense 98,414 69,118
Impairment charge - IPR&D 2,974,000 0
Deferred income tax benefit (381,513) 0
Loss on extinguishment of debt 0 185,800
Loss on disposal of fixed assets 310,951 0
Write off of remaining ROU asset and lease liability pursuant to a lease termination (32,309) 0
Bargain purchase gain (13,334,568) 0
Interest expense from beneficial conversion feature 32,953 0
Increase in warrant liability 81,700 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,138,548) (35,027)
Accounts payable (1,977,667) 788,830
Accrued expenses and other liabilities 83,753 321,284
Restructuring reserve (1,572,086) 0
Net cash used in operating activities (18,073,469) (1,569,577)
Cash flows from investing activities:    
Cash received in reverse merger transaction 29,106,513 0
Proceeds from sale of equipment 275,000 0
Net cash provided by investing activities 29,381,513 0
Cash flows from financing activities:    
Proceeds from issuance of common stock 750,000 1,280,000
Proceeds from stock option exercise 0 132,989
Proceeds from warrant exercise 0 99,962
Repayments of capital lease obligation 0 (15,563)
Net cash provided by financing activities 750,000 1,497,388
Net increase (decrease) in cash and cash equivalents 12,058,044 (72,189)
Cash and cash equivalents at beginning of period 103,695 175,884
Cash and cash equivalents at end of period 12,161,739 103,695
Cash paid for:    
Interest 0 1,362
Income taxes 0 500
Supplemental cash flow information:    
Conversion of convertible notes and accrued interest into common stock 32,953 0
Consideration in connection with reverse merger transaction 15,793,638 0
Conversation of warranty liability into additional $ 372,925 $ 0