Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities    
Net Loss $ (14,413,788) $ (3,357,876)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 8,446 8,445
Non-cash lease expense for right-of-use assets 78,288 74,124
Non-cash acquisition of in-process research and development 8,600,000
Amortization of debt issuance costs 199,900 1,783
Amortization of intangible asset 795,328 795,328
Deferred income tax (benefit) expense (1,001,019) (602,716)
Stock-based compensation 2,730,042 510,478
Net changes in operating assets and liabilities:    
Prepaid expenses and other (239,103) (57,773)
Operating lease liability (77,491) (77,779)
Accrued interest, including amounts converted into common stock 81,894 30,489
Accounts payable 245,082 (216,490)
Due (from) to related parties (85,188) 21,899
Other receivables (77,024)
Accrued expenses 11,437 119,943
Net cash (used in) operating activities (3,143,196) (2,750,145)
Cash Flows From Financing Activities    
Proceeds from issuance of senior convertible notes 805,000
Proceeds received in satisfaction of stock subscription receivable 900,000
Transaction costs incurred on senior convertible notes (4,280)
Borrowings on line of credit from related party 700,000
Proceeds from our Paycheck Protection Program note payable 162,459
Net proceeds from common stock offering 17,100,637
Shares withheld to pay taxes on stock based compensation (95,212)
Net cash provided by financing activities 17,867,884 1,700,720
Net (Decrease)/Increase in Cash and Cash Equivalents 14,724,688 (1,049,425)
Cash and Cash Equivalents - Beginning of Year 691,536 1,740,961
Cash and Cash Equivalents - End of Year 15,416,224 691,536
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 (17,772) (293,198)
Reduction in deferred lease liability (9,963)
Operating lease liability 17,772 303,161
Net
Conversion of $230,000 of Senior Convertible Debt and related accrued interest of $28,930 into 18,107 shares of common stock and warrants to purchase common stock   230,000
Conversion of $805,000 of Senior Convertible Debt and related accrued interest of $84,513 into 247,088 shares of common stock 805,000
Conversion of $700,000 of Line of Credit Payable with related party and related accrued interest of $18,333 into 199,537 shares of common stock 700,000
Issuance of 1,185,458 shares of common stock due to triggering the full-ratchet anti-dilution provision of common stock sold in our 2018 Private Placement Transactions 119
Common stock and stock purchase warrants (forfeited)/issued in connection with a clinical trial funding commitment $ (900,000)