Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

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Statement of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:            
Net loss $ (1,445,810) $ (1,090,877) $ (905,700) $ (1,376,235) $ (2,536,687) $ (2,281,935)
Adjustments to reconcile net loss to net cash used in operating activities:            
Stock compensation expense (non-cash) 367,358 338,497 257,633 233,776 705,855 491,409
Changes in operating assets and liabilities, net            
Other current assets         (122,258) (13,902)
Accounts payable, accrued expenses and other current liabilities         (167,954) 68,721
Net cash used in operating activities         (2,121,044) (1,735,707)
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         1,421,569 0
Offering costs         (89,521) (26,177)
PPP forgivable bank loan         122,400 0
Net cash provided by financing activities         1,454,448 (26,177)
Effect of exchange rates         (1,144) (1,060)
Net decrease in cash and cash equivalents         (667,740) (1,762,944)
Cash and cash equivalents at beginning of period   $ 13,213,929   $ 6,892,772 13,213,929 6,892,772
Cash and cash equivalents at end of period $ 12,546,189   $ 5,129,828   $ 12,546,189 $ 5,129,828