Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (2,302,870) $ (500,536)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,223 933
Amortization of intangible asset 222,559
Deferred income tax (benefit) expense (559,317)
Amortization of debt issuance costs 61,132
Accrued interest on investments (201) (471)
Net changes in operating assets and liabilities:    
Prepaid expenses and other (42,067) (511)
Vendor deposit 227,657
Accrued interest 84,922
Accounts payable 200,713 1,225
Due from related parties 6,877 (7,817)
Accrued rent liability 9,963
Accrued liabilities 90,843 (76,019)
Net cash used in operating activities (2,233,186) (355,928)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from (purchase of) certificates of deposit (496,000)
Purchase of property and equipment (882)
Acquisition of intangible asset (1,782)
Net cash used in investing activities (497,782) (882)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net Proceeds from issuance of common stock 2,856,073
Transaction costs incurred on Senior Convertible Notes (4,742)  
Payment of placement agent and legal fees associated with clinical funding commitment (117,339)  
Net cash provided by financing activities 2,733,992
NET DECREASE IN CASH AND CASH EQUIVALENTS 3,024 (356,810)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 2,847,429 1,071,894
CASH AND CASH EQUIVALENTS - END OF PERIOD 2,850,453 715,084
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Recognize exclusive license intangible asset acquired from CoNCERT (11,037,147)
Recognize deferred tax liability for basis difference for intangible asset 3,037,147  
Recognize additional paid-in capital for consideration paid from the transfer of 2,090,301 common shares of Processa owned by Promet to CoNCERT 8,000,000
Cash paid for intangible asset acquired from CoNCERT
Conversion of $2,350,000 of Senior Convertible Debt and related accrued interest into 1,206,245 shares of common stock and warrants 2,395,111
Common stock and stock purchase warrants issued in connection with a clinical trial funding commitment 1,800,000
Note receivable related to the sale of common stock and stock purchase warrants $ 107,490