Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

v3.20.1
Statement of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (1,090,877) $ (1,376,235)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock compensation expense (non-cash) 338,497 233,776
Changes in operating assets and liabilities, net    
Other current assets (42,084) (21,365)
Accounts payable and accrued expenses (331,106) 167,852
Net cash used in operating activities (1,125,570) (995,972)
Cash flows from financing activities:    
Gross proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC 542,428 0
Commission on sales of common stock (16,284) 0
Deferred offering costs (18,100) (13,855)
Net cash provided by financing activities 508,044 (13,855)
Effect of exchange rates (4,041) (1,881)
Net decrease in cash and cash equivalents (621,567) (1,011,708)
Cash and cash equivalents at beginning of period 13,213,929 6,892,772
Cash and cash equivalents at end of period $ 12,592,362 $ 5,881,064