Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net loss $ (2,772,886) $ (1,159,758)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 129,164 130,890
Depreciation and amortization 27,617 19,676
Amortization of right of use assets 76,061 66,386
Change in fair value of derivatives (346,129)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (54,370) (3,366)
Accounts payable (681,124) 176,617
Accrued expenses and other current liabilities (487,558) 29,866
Operating lease liabilities (78,550) (66,310)
Total adjustments (1,068,760) 7,630
Net Cash Used in Operating Activities (3,841,646) (1,152,128)
Cash Flows from Investing Activities    
Purchase of property and equipment (24,027) (5,313)
Net Cash Used in Investing Activities (24,027) (5,313)
Cash Flows from Financing Activities    
Proceeds from private placement of common stock and warrants, net [1] 570,341
Proceeds from public offering of common stock and warrants, net [2] 38,127,776
Proceeds from Warrant Exercises 240,000
Net Cash Provided by Financing Activities 38,367,776 570,341
Net (Decrease) Increase in Cash and Restricted Cash 34,502,103 (587,100)
Cash, cash equivalents and restricted cash - Beginning of period 9,334,584 2,117,286
Cash, cash equivalents and restricted cash - End of period 43,836,687 1,530,186
Supplemental Disclosures of Cash Flow Information:    
Cash Received During the Period For: Interest, net (2,959) (2,633)
Non-Cash Financing Activities    
Fair value of warrants issued in connection with common stock included in derivative liabilities 513,534
Fair value of placement agent warrants issued in connection with common stock included in derivative liabilities 32,502
Fair value of warrants issued $ (211,976)
[1] Net of cash offering costs of $80,000 in 2020.
[2] Net of cash offering costs of $3,270,000 in 2021.