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 ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (3,155,874) $ (1,222,453)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,334 (2,678)
Amortization of intangible asset 422,814
Deferred income tax (benefit) expense (771,332)
Amortization of debt issuance costs 64,841
Stock-based compensation 50,528
Net changes in operating assets and liabilities:    
Prepaid expenses and other (240,872) 2,062
Vendor deposit 227,657
Accrued interest 89,522
Accounts payable 29,334 29,895
Due from related parties (32,393) (35,324)
Accrued liabilities 293,160 22,020
Net Cash Used In Operating Activities (3,243,938) (978,823)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from certificates of deposit 1,019,294
Purchase of software license (20,500)
Acquisition of intangible asset (1,782)
Net Cash Used In Investing Activities (22,282) 1,019,294
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from issuance of common stock 2,965,095
Payment of debt issuance costs (75,000)
Transaction costs incurred in connection with the conversion of 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 2,843,014 (75,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS (423,206) (34,529)
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD 2,847,429 1,071,894
CASH AND CASH EQUIVALENTS END OF PERIOD 2,424,223 1,037,365
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