Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities    
Net Loss $ (1,719,910) $ (2,302,870)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,223 4,223
Amortization of right-of-use assets 36,282
Amortization of debt issuance costs 61,132
Amortization of intangible asset 397,664 222,559
Deferred income tax benefit (300,901) (559,317)
Stock-based compensation 125,035
Payments made directly to our Contract Research Organization for clinical trial expenses by an investor in partial satisfaction of their stock subscription receivable 395,927
Net changes in operating assets and liabilities:    
Prepaid expenses (10,090) (42,067)
Operating lease liability (38,940)
Accrued interest 8,587 84,721
Accounts payable (148,751) 200,713
Due (from)/to related parties 22,919 6,877
Accrued expenses 208,979 90,843
Net cash used in operating activities (1,018,976) (2,233,186)
Cash Flows From Investing Activities    
Purchase of intangible asset (1,782)
Proceeds from (purchase of) certificates of deposit (496,000)
Net cash used in investing activities (497,782)
Cash Flows from Financing Activities    
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)/Increase in Cash and Cash Equivalents (1,018,976) 3,024
Cash and Cash Equivalents - Beginning of Period 1,740,961 2,847,429
Cash and Cash Equivalents - End of Period 721,985 2,850,453
Non-Cash Investing and Financing Activities:    
Right-of-use asset obtained in exchange for operating lease liability (293,198)
Reduction in deferred lease liability (9,963)
Operating lease liability 303,161
Recognize the 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 released by Promet to CoNCERT for Processa 8,000,000
Net
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