General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES        
Net Loss $ (2,302,870) $ (500,536) $ (1,856,315) $ (1,917,066)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 4,223 933 1,865 1,381
Amortization of intangible asset 222,559    
Deferred income tax (benefit) expense (559,317)    
Amortization of debt issuance costs 61,132 23,370
Accrued interest on investments (201) (471)    
Impairment of software costs     15,330
Net changes in operating assets and liabilities:        
Prepaid expenses and other (42,067) (511) (23,299) (16,278)
Vendor deposit 227,657 227,657 (227,657)
Security deposit     (5,535)
Accrued interest 84,922 35,693
Accounts payable 200,713 1,225 9,995 3,707
Due from related parties 6,877 (7,817) (62,368) (69,379)
Accrued rent liability 9,963 13,284
Accrued liabilities 90,843 (76,019) (39,829) 75,790
Net cash used in operating activities (2,233,186) (355,928) (1,654,617) (2,155,037)
CASH FLOWS FROM INVESTING ACTIVITIES        
Proceeds from (purchase of) certificates of deposit (496,000) 1,019,294 (1,019,294)
Purchase of property and equipment (882) (20,622) (23,775)
Cash received in a reverse acquisition transaction     6,280
Acquisition of intangible asset (1,782)    
Net cash used in investing activities (497,782) (882) 1,004,952 (1,043,069)
CASH FLOWS FROM FINANCING ACTIVITIES        
Net Proceeds from issuance of common stock 2,856,073 4,270,000
Transaction costs incurred on Senior Convertible Notes (4,742) 2,580,000
Payment of placement agent and legal fees associated with clinical funding commitment (117,339)    
Payment of debt issuance costs     (154,800)
Net cash provided by financing activities 2,733,992 2,425,200 4,270,000
NET DECREASE IN CASH AND CASH EQUIVALENTS 3,024 (356,810) 1,775,535 1,071,894
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 2,847,429 1,071,894 1,071,894
CASH AND CASH EQUIVALENTS - END OF PERIOD 2,850,453 715,084 $ 2,847,429 $ 1,071,894
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