XML 26 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net loss $ (4,324,106) $ (2,096,951)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 610 608
Research and development-acquired license, expensed 362,500 20,000
Warrants issue for acquired license 32,015
Stock-based compensation 7,762 290,075
Realized gain on marketable securities (4,892)
Unrealized loss on marketable securities (2,973)
Changes in assets and liabilities:    
Prepaid expenses 53,335 (88,964)
Accounts payable (104,544) 64,986
Net cash used in operating activities (3,980,293) (1,810,246)
Cash flows from investing activities    
Purchase of investments in joint venture (410,000)
Purchase of research and development licenses (77,500) (20,000)
Purchase of marketable securities (1,500,000)
Sale of marketable securities 300,000
Net cash used in investing activities (1,687,500) (20,000)
Cash flows from financing activities    
Proceeds from issuance of common stock in the IPO, net of offering cost 5,840,168
Proceeds from issuance common stock and warrants, net of offering cost 4,193,756
Proceeds from issuance common stock, net of offering cost 4,475,000
Proceeds from exercise of warrants 56,250 163
Net cash provided by financing activities 8,725,006 5,840,331
Effect of exchange rate changes on cash and cash equivalents (662)
Net increase in cash 3,056,551 4,010,085
Cash and restricted cash, beginning of period 1,890,866 282,621
Cash and restricted cash, end of period 4,947,417 4,292,706
Non-cash investing and financing activities    
Conversion of preferred stock to common stock upon completion of the IPO 310
Unpaid offering cost included in accrued expenses 27,127
Cancellation and retirement of common stock 2
Cashless warrant exercise $ 22