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 $ (1,159,758) $ (1,573,726)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 130,890 104,310
Depreciation and amortization 19,676 22,473
Amortization of right of use assets 66,386 68,873
Change in fair value of derivatives (346,129)
Changes in operating assets and liabilities:    
Accounts receivable, net 5,507
Prepaid expenses and other current assets (3,366) (102,308)
Accounts payable 176,617 18,744
Accrued expenses 29,866 28,882
Lease liability (66,310) (66,310)
Total adjustments 7,630 80,171
Net Cash Used in Operating Activities (1,152,128) (1,493,555)
Cash Flows from Investing Activities    
Purchase of property and equipment (5,313) (1,800)
Net Cash Used in Investing Activities (5,313) (1,800)
Cash Flows from Financing Activities    
Proceeds from private placement of common stock and warrants, net [1] 570,341 2,317,276
Net Cash Provided by Financing Activities 570,341 2,317,276
Net (Decrease) Increase in Cash and Restricted Cash (587,100) 821,921
Cash, cash equivalents and restricted cash - Beginning of period 2,117,286 2,740,645
Cash, cash equivalents and restricted cash - End of period 1,530,186 3,562,566
Supplemental Disclosures of Cash Flow Information:    
Cash Received During the Period For: Interest, net (2,633) (12,441)
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
[1] Net of cash offering costs of $79,568 and $386,724 in 2020 and 2019, respectively.

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