v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net loss $ (2,786,714) $ (3,519,749)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 168,607 551,340
Depreciation and amortization 44,961 49,967
Amortization of right-of-use assets 144,494 137,745
Change in fair value of derivatives (264,853)
Changes in operating assets and liabilities:    
Accounts receivable 32,022
Prepaid expenses and other current assets (104,159) (100,280)
Accounts payable 346,167 119,771
Accrued expenses 123,971 (61,352)
Payments on lease liabilities (144,342) (132,620)
Total adjustments 314,846 596,593
Net Cash Used in Operating Activities (2,471,868) (2,923,156)
Cash Flows from Investing Activities    
Purchase of property and equipment (127,786) (179,030)
Net Cash Used in Investing Activities (127,786) (179,030)
Cash Flows from Financing Activities    
Proceeds from private placements of common stock and warrants, net [1] 570,341 2,317,276
Proceeds from registered direct offerings of common stock with warrants, net [2] 1,973,308
Proceeds from public offering, net [3] 3,319,656
Proceeds from issuance of note payable 312,700
Net Cash Provided by Financing Activities 2,856,349 5,636,932
Net Increase in Cash, Cash Equivalent, and Restricted Cash 256,695 2,534,746
Cash, cash equivalents and restricted cash - Beginning of period 2,117,286 2,740,645
Cash, cash equivalents and restricted cash - End of period 2,373,981 5,275,391
Supplemental Disclosures of Cash Flow Information:    
Cash Paid (Received) During the Years For: Interest, net (2,861) (22,541)
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.
[2] Net of cash offering costs of $360,026.
[3] Net of cash offering costs of $549,060.

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