• Filing Date: 2021-04-16
  • Form Type: 10-K/A
  • Description: Annual report (Amendment)
v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (9,851,391) $ (8,394,363)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 4,077 5,017
Interest on debt instrument 1,627 0
Amortization of right of use asset 110,671 102,262
Loss on disposal of property and equipment 0 522
Issuance and vesting of compensatory stock options and warrants 252,646 171,216
Issuance of common stock for services rendered 100,000 100,000
Amortization of premium on marketable securities 7,069 (1,230)
Changes in operating assets and liabilities    
Accounts receivable, prepaid expenses and other assets 698,374 (322,666)
Accounts payable and accrued liabilities (535,550) 883,042
Long term portion of lease liability (60,379) (99,977)
Net cash used in operating activities (9,272,856) (7,556,177)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of marketable securities (596,524) (618,100)
Sale of marketable securities 620,123 620,023
Purchase of property and equipment (3,490) (3,574)
Net cash provided by (used in) investing activities 20,109 (1,651)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs 8,659,177 0
Proceeds from the exercise of warrants 1,693,161 96,500
Proceeds from the issuance of notes payable 244,657 0
Net cash provided by financing activities 10,596,995 96,500
Net change in cash and cash equivalents 1,344,248 (7,461,328)
Cash and cash equivalents, beginning of period 4,905,993 12,367,321
Cash and cash equivalents, end of period $ 6,250,241 $ 4,905,993