Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (15,094,172) $ (14,092,912)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 141,453 132,798
Stock-based compensation 467,541 866,791
Gain on extinguishment of debt (185,280)  
Noncash lease expense 66,476 56,562
Gain on revaluation of derivative warrants   (43,000)
Changes in:    
Prepaid expenses and other current assets (3,480) (129,733)
Other assets   477,695
Accounts payable and accrued liabilities 780,604 1,120,054
Lease liability (105,885) (81,963)
Cash used in operating activities (13,932,743) (11,693,708)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (62,353) (24,542)
Cash used in investing activities (62,353) (24,542)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on capital lease obligations   (2,213)
Proceeds from long-term obligations 184,000  
Proceeds from issuance of common stock and preferred stock, net of underwriting issuance costs 59,719,256 9,024,569
Proceeds from exercise of warrants 642,495  
Cash provided by financing activities 60,545,751 9,022,356
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 46,550,655 (2,695,894)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 10,614,722 13,310,616
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 57,165,377 10,614,722
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 1,584 880
Gain on extinguishment of debt $ 185,280  
Conversion of preferred stock to common stock   $ 1,377,845