Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net loss $ (21,899,054) $ (23,653,963)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,294,707 1,798,655
Depreciation and amortization expense 420,089 50,721
Decrease in:    
Prepaid expenses and other current assets 253,335 100,032
Increase (decrease) in:    
Accounts payable and accrued expenses (1,255,740) 1,133,499
Operating lease liabilities (274,786)
Net Cash Used In Operating Activities (21,461,449) (20,571,056)
Cash Flows from Investing Activities:    
Purchase of property and equipment (63,893) (96,092)
Net Cash Used In Investing Activities (63,893) (96,092)
Cash Flows from Financing Activities:    
Payments on note payable (249,239)
Payments on finance leases (72,696)
Proceeds from sales of shares of common stock and warrants, net of offering costs 15,932,251 16,976,237
Proceeds from the exercise of warrants 1,503,762 4,849
Net Cash Provided By Financing Activities 17,114,078 16,981,086
Net change in cash, cash equivalents and restricted cash (4,411,264) (3,686,062)
Cash, cash equivalents and restricted cash at beginning of year 14,104,514 17,790,576
Cash, cash equivalents and restricted cash at end of year 9,693,250 14,104,514
Supplemental disclosures of cash flow information:    
Cash paid for interest 26,547
Cash paid for taxes
Supplemental disclosure of non-cash investing and financing activities:    
Prepaid expenses financed by accounts payable and notes payable 422,828 276,932
Capital lease of office equipment 16,078
Deemed dividend for warrant down-round protection provision $ 1,269