XML 30 R6.htm IDEA: XBRL DOCUMENT 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 $ (14,847,380) $ (6,998,606)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 432,321 3,139,053
Issuance of common stock from equity transaction 0 603,924
Stock-based 401K company common match 19,967 37,080
Depreciation expense 15,608 98,414
Impairment charge - IPR&D 0 2,974,000
Deferred income tax benefit 0 (381,513)
Operating lease expense 160,684 0
Loss on disposal of fixed assets related to lease termination 0 310,951
Write off of remaining ROU asset and lease liability pursuant to a lease termination 0 (32,309)
Bargain purchase gain 0 (13,334,568)
Interest expense from beneficial conversion feature 0 32,953
Increase in warrants liability 0 81,700
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 810,797 (1,138,548)
Accounts payable 217,504 (1,977,667)
Accrued expenses 637,682 83,753
Restructuring reserve (498,185) (1,572,086)
Operating lease liabilities (98,133) 0
Net cash used in operating activities (13,149,135) (18,073,469)
Cash flows from investing activities:    
Cash received in reverse merger transaction 0 29,106,513
Proceeds from sale of equipment 0 275,000
Net cash provided by investing activities 0 29,381,513
Cash flows from financing activities:    
Proceeds from exercise of warrants 70,459 0
Proceeds from issuances of common stock 29,756,502 750,000
Net cash provided by financing activities 29,826,961 750,000
Net increase in cash and cash equivalents 16,677,826 12,058,044
Cash and cash equivalents at beginning of period 12,161,739 103,695
Cash and cash equivalents at end of period 28,839,565 12,161,739
Supplemental cash flow information:    
Conversion of convertible notes and accrued interest into common stock 0 32,953
Consideration in connection with reverse merger transaction 0 15,793,638
Conversion of warrants liability into additional common stock $ 0 $ 372,925