Annual report pursuant to Section 13 and 15(d)

Statement of Cash Flows

Statement of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (4,224,874) $ (3,227,932)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock compensation expense (non-cash) 1,011,170 529,332
Changes in operating assets and liabilities, net    
Other current assets (9,140) 3,840
Other non-current assets (56,650) (65,731)
Accounts payable and accrued expenses 243,534 87,684
Net cash used in operating activities (3,017,680) (2,680,487)
Cash flows from financing activities:    
Proceeds from the initial public offering of common stock 10,222,224 0
Issuance cost for the initial public offering, net of deferred offering costs paid in previous periods and accrued at year-end (974,476) (206,270)
Proceeds from the exercise of stock options 109,998 0
Deferred offering costs for shelf registration (10,335) 0
Net cash provided by financing activities 9,347,411 (206,270)
Effect of exchange rates on cash, cash equivalents, and restricted cash (8,574) (2,396)
Net change in cash and cash equivalents 6,321,157 (2,889,153)
Cash, cash equivalents and restricted cash at beginning of period 6,892,772 9,781,925
Cash, cash equivalents and restricted cash at end of period 13,213,929 6,892,772
Supplemental disclosure of non-cash items for cash flow information:    
Accrued but unpaid issuance costs for the initial public offering $ 81,080 $ 0