v3.20.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (1,667,372) $ (4,705,766)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,464 1,363
Amortization of right-of-use assets 27,386 25,704
Stock-based compensation 56,079 146,491
Settlement of accounts payable (535,087)
Amortization of discount on available-for-sale debt securities (26,665)
Unrealized gain on available-for-sale securities 1,511
Changes in operating assets and liabilities:    
Accrued interest receivable 771 37,063
Prepaid expenses 332,784 (20,686)
Other assets (4,534)
Accounts payable 517,572 (2,378,930)
Accrued expenses 132,183 406,523
Lease liabilities (29,617) (13,675)
Other liabilities (13,359)
Net cash used in operating activities (1,163,837) (6,544,960)
Cash flows provided by investing activities    
Sale of investments in marketable debt securities 4,249,449
Net cash flows provided by investing activities 4,249,449
Cash flows from financing activities    
Proceeds from the issuance of shares from ATM Agreement 4,509,288
Stock issuance costs of ATM Agreement (156,880)
Proceeds from exercises of warrants 614,351
Proceeds from issuance of shares for Aspire equity line 450,000
Net cash provided by financing activities 5,416,759
Net increase (decrease) in cash and cash equivalents 4,252,922 (2,295,511)
Cash and cash equivalents at beginning of period 1,699,971 7,812,259
Cash and cash equivalents at end of period 5,952,893 5,516,748
Supplemental disclosure of cash flow activities:    
Cash paid for taxes 14,520 185,980
Supplemental disclosure of non-cash financing activities:    
Conversion of preferred stock to common stock 1,288,956 3,453,726
Right-of-use assets obtained in exchange for lease liabilities (198,319)
Lease liabilities arising from obtaining right-of-use assets 184,644
Issuance of shares for settlement of accounts payable $ 109,694

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