Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.20.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities    
Net loss $ (7,625,397) $ (13,042,709)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount 6,562,736
Gain on extinguishment of convertible notes payable (1,481,317)
Stock-based compensation 941,962 1,922,455
Depreciation and amortization 123,660 133,419
Amortization of right-of-use assets 273,005
Change in fair value of derivatives (191,656)
Loss on impairment 588,822 319,635
Changes in operating assets and liabilities:    
Accounts receivable 32,022 3,159
Prepaid expenses and other current assets (52,341) (6,762)
Security deposit and other assets 700
Accounts payable 144,067 (294,122)
Accrued expenses (56,960) (210,976)
Deferred revenues (70,400)
Payments on lease liabilities (265,240)
Total adjustments 1,728,997 6,686,871
Net Cash Used in Operating Activities (5,896,400) (6,355,838)
Cash Flows from Investing Activities    
Purchase of property and equipment (363,891) (12,422)
Net Cash Used in Investing Activities (363,891) (12,422)
Cash Flows from Financing Activities    
Proceeds from private placement, net [1] 2,317,276
Proceeds from public offering, net [2] 3,319,656
Proceeds from initial public offering, net [3] 7,657,427
Initial public offering costs paid in cash (706,596)
Repayments of notes payable (1,125,000)
Repayments of notes payable - related party (120,864)
Proceeds from issuance of notes payable, net 722,500
Proceeds from issuance of convertible notes, net [4] 2,603,750
Net Cash Provided by Financing Activities 5,636,932 9,031,217
Net Increase (Decrease) in Cash, Cash Equivalent, and Restricted Cash (623,359) 2,662,957
Cash, cash equivalents and restricted cash - Beginning of period 2,740,645 77,688
Cash, cash equivalents and restricted cash - End of period 2,117,286 2,740,645
Supplemental Disclosures of Cash Flow Information:    
Cash Paid During the Period For: Interest paid 933 286,551
Cash Paid During the Period For: Income taxes paid
Non-Cash Investing and Financing Activities    
Conversion of convertible note payable - related party and accrued interest into common stock 517,742
Exchange of note payable - related party and accrued interest into common stock 150,553
Fair value of warrants issued in connection with convertible debt included in derivative liabilities 1,046,763
Embedded conversion option in convertible debt included in derivative liabilities 1,239,510
Derivative liabilities reclassified to equity 6,059,823
Conversion of convertible notes payable and accrued interest into common stock 5,743,391
Conversion of preferred stock into common stock $ 5,170,755
[1] Net of cash offering costs of $386,724.
[2] Net of cash offering costs of $549,060.
[3] Net of cash offering costs of $967,573.
[4] Net of cash offering costs of $293,750.