v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (11,479,096) $ (10,713,009)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 105,529 100,216
Stock-based compensation expense 353,081 658,899
Noncash lease Expense 48,859 41,542
Gain on revaluation of derivative warrants   (43,000)
Changes in:    
Prepaid expenses and other current assets (189,955) (331,451)
Lease liability (77,897) (57,263)
Accounts payable and accrued liabilities 1,175,445 1,331,523
Cash used in operating activities (10,064,034) (9,012,543)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (45,143) (18,817)
Cash used in investing activities (45,143) (18,817)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock and warrants, net of underwriting issuance costs 18,258,581 9,024,569
Deferred issuance costs (137,907)  
Proceeds from long-term obligations 184,000  
Proceeds from issuance of warrants 31,697  
Issuance of common stock in connection with exercise of warrants 28  
Payments on capital lease obligations   (2,213)
Cash provided by financing activities 18,336,399 9,022,356
NET INCREASE IN CASH AND CASH EQUIVALENTS 8,227,222 (9,004)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 10,614,722 13,310,616
CASH AND CASH EQUIVALENTS AT END OF PERIOD 18,841,944 13,301,612
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense $ 1,584 1,936
Obtaining a right-of-use asset in exchange for a lease liability   405,000
Lease liability established through right-of-use asset   $ 609,000

Source