v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities    
Net loss $ (4,761,483) $ (5,334,644)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 363,027 745,269
Depreciation and amortization 71,252 85,060
Amortization of right-of-use assets 216,741 206,618
Change in fair value of derivatives (211,807)
Changes in operating assets and liabilities:    
Accounts receivable 32,022
Prepaid expenses and other current assets (232,006) (52,547)
Accounts payable (246,960) 134,205
Accrued expenses (45,766) 109,768
Payments on lease liabilities (216,514) (198,930)
Total adjustments (302,033) 1,061,465
Net Cash Used in Operating Activities (5,063,516) (4,273,179)
Cash Flows from Investing Activities    
Purchase of property and equipment (152,751) (350,934)
Net Cash Used in Investing Activities (152,751) (350,934)
Cash Flows from Financing Activities    
Proceeds from private placements of common stock and warrants, net [1] 570,341 2,317,276
Preferred stock issued in private placement [2] 1,358,102
Proceeds from public offerings, net [3] 5,855,215 3,319,656
Proceeds from issuance of note payable 312,700
Proceeds from Warrant Exercises 631,626
Net Cash Provided by Financing Activities 8,727,984 5,636,932
Net Increase in Cash, Cash Equivalent, and Restricted Cash 3,511,717 1,012,819
Cash, cash equivalents and restricted cash - Beginning of period 2,117,286 2,740,645
Cash, cash equivalents and restricted cash - End of period 5,629,003 3,753,464
Supplemental Disclosures of Cash Flow Information:    
Cash Paid (Received) During the Years For: Interest, net (3,425) 933
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
Reclassification of warrant derivatives to equity $ (334,229)
[1] Net of cash offering costs of $79,568 and $386,724 in 2020 and 2019, respectively.
[2] Net of cash offering costs of $197,901.
[3] Net of cash offering costs of $1,078,119 and $549,060 in 2020 and 2019, respectively.

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