Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net Income (Loss) Attributable to Parent $ (6,422,631) $ (4,176,125)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 1,117,890 989,568
Changes in operating assets and liabilities, net    
Other current assets (44,111) (45,649)
Accounts payable, accrued expenses and other current liabilities 63,356 (189,372)
Net cash used in operating activities (5,285,496) (3,421,578)
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC, net of commissions, fees and offering costs of $338,153 and $253,035 for the nine months ended September 30, 2021, and 2020, respectively 10,925,312 8,175,290
Other offering costs 0 (108,430)
Taxes paid related to net share settlement of vested restricted stock units (55,481) 0
Cash proceeds from the issuance of stock upon exercise of stock options 17,478 0
PPP forgivable bank loan 0 122,400
Net cash provided by financing activities 10,887,309 8,189,260
Effect of exchange rates 2,642 1,061
Net increase (decrease) in cash and cash equivalents 5,604,455 4,768,743
Cash and cash equivalents at beginning of period 16,737,109 13,213,929
Cash and cash equivalents at end of period $ 22,341,564 $ 17,982,672