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

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities        
Net loss $ (874,336) $ (750,832) $ (3,357,876) $ (3,765,047)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 2,112 2,111 8,445 8,445
Non-cash lease expense for right-of-use assets 19,548 17,947 74,124
Amortization of debt issuance costs 1,070 1,783 67,069
Amortization of intangible asset 198,832 198,832 795,328 621,647
Deferred income tax (benefit) expense (128,129) (130,299) (602,716) (902,801)
Stock-based compensation 98,663 58,559 510,478 74,063
Net changes in operating assets and liabilities:        
Prepaid expenses and other 129,353 10,632 (57,773) (216,386)
Operating lease liability (19,217) (19,276) (77,779)
Accrued interest 16,100 4,600 30,489 94,122
Accounts payable 17,604 (9,045) (216,490) 241,416
Due (from) to related parties (28,312) (25,582) 21,899 40,690
Accrued expenses 20,259 34,924 119,943 28,868
Net cash used in operating activities (546,453) (607,429) (2,750,145) (3,707,914)
Cash Flows From Investing Activities        
Purchase of software license     (20,500)
Purchase of intangible asset     (1,782)
Net cash (used in) investing activities     (22,282)
Cash Flows From Financing Activities        
Net proceeds from issuance of stock     2,874,687
Proceeds from issuance of senior convertible notes     805,000
Proceeds received in satisfaction of stock subscription receivable 115,000 900,000
Transaction costs related to anticipated 2020 offering (2,806)    
Transaction costs incurred on senior convertible notes     (4,280) (82,502)
Payment of placement agent and legal fees associated with clinical funding commitment     (168,457)
Net cash (used in) provided by financing activities (2,806) 115,000 1,700,720 2,623,728
Net (Decrease)/Increase in Cash and Cash Equivalents (549,259) (492,429) (1,049,425) (1,106,468)
Cash and Cash Equivalents - Beginning Balance 691,536 1,740,961 1,740,961 2,847,429
Cash and Cash Equivalents - End Balance 142,277 1,248,532 691,536 1,740,961
Supplemental Cash Flow Information:        
Cash paid for interest    
Cash paid for income taxes    
Non-Cash Investing and Financing Activities        
Right-of-use asset obtained in exchange for operating lease liability (293,198) (293,198)
Reduction in deferred lease liability (9,963) (9,963)
Operating lease liability 303,161 303,161  
Net
Recognize the exclusive license intangible asset acquired from CoNCERT     (11,037,147)
Recognize deferred tax liability for basis difference of Intangible asset     3,037,147
Recognize additional paid-in capital for consideration paid from the transfer of 298,615 common shares of Processa released by Promet to CoNCERT for Processa     8,000,000
Cash paid for intangible asset acquired from CoNCERT    
Conversion of $230,000 and $2,350,000, respectively, of Senior Convertible Debt and related accrued interest of $28,930 and $114,333, respectively, into 18,107 and 172,327 shares, respectively, of common stock and warrants     258,930 2,464,333
Common stock and stock purchase warrants (forfeited)/issued in connection with a clinical trial funding commitment     $ (900,000) $ 1,800,000