Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:            
Net loss $ (1,639,438) $ (1,090,877) $ (736,080) $ (1,376,235) $ (4,176,125) $ (3,018,015)
Adjustments to reconcile net loss to net cash used in operating activities:            
Stock compensation expense (non-cash) 283,713 338,497 242,956 233,776 989,568 734,365
Changes in operating assets and liabilities, net            
Other current assets         (45,649) (4,630)
Accounts payable, accrued expenses and other current liabilities         (189,372) (60,695)
Net cash used in operating activities         (3,421,578) (2,348,975)
Cash flows from financing activities:            
CCash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement with Jones Trading Institutional Services LLC, net of cash commissions and fees of $253,035         8,175,290 0
Offering costs         (108,430) (39,458)
PPP forgivable bank loan         122,400 0
Net cash provided by (used in) financing activities         8,189,260 (39,458)
Effect of exchange rates         1,061 (9,799)
Net increase (decrease) in cash and cash equivalents         4,768,743 (2,398,232)
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 $ 17,982,672   $ 4,494,540   $ 17,982,672 $ 4,494,540