Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,569,533) $ (6,809,202)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 69,603 66,347
Stock-based compensation expense 236,789 509,125
Noncash lease Expense 31,923 27,123
Loss on revaluation of derivative warrants   3,000
Changes in:    
Prepaid expenses and other current assets 177,361 (692,628)
Other assets   477,695
Lease liability (51,282) (33,843)
Accounts payable and accrued liabilities 543,168 984,198
Cash used in operating activities (6,561,971) (5,468,185)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (45,143) (15,724)
Cash used in investing activities (45,143) (15,724)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net of underwriting issuance costs 18,258,581 9,024,569
Proceeds from long-term obligations 184,000  
Issuance of common stock in connection with exercise of pre-funded warrants 14  
Payments on capital lease obligations   (1,645)
Cash provided by financing activities 18,442,595 9,022,924
NET INCREASE IN CASH AND CASH EQUIVALENTS 11,835,481 3,539,015
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 10,614,722 13,310,616
CASH AND CASH EQUIVALENTS AT END OF PERIOD 22,450,203 16,849,631
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense $ 1,584 880
Obtaining a right-of-use asset in exchange for a lease liability   405,000
Lease liability established through right-of-use asset   $ 609,000