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, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:        
Net loss $ (820,939) $ (591,438) $ (1,697,287) $ (964,355)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock compensation expense (non-cash)     203,096 198,090
Changes in operating assets and liabilities, net        
Other current assets     (78,795) 11,073
Accounts payable and accrued expenses     11,274 138,578
Net cash used in operating activities     (1,561,712) (616,614)
Cash flows from financing activities:        
Proceeds from the sale of common stock, net of $20,000 of issuance costs     0 2,025,042
Net cash provided by financing activities     0 2,025,042
Effect of exchange rates on cash, cash equivalents, and restricted cash     (1,572) 0
Net increase (decrease) in cash, cash equivalents, and restricted cash     (1,563,284) 1,408,428
Cash, cash equivalents and restricted cash at beginning of period     9,781,925 2,873,004
Cash, cash equivalents and restricted cash at end of period $ 8,218,641 $ 4,281,432 $ 8,218,641 $ 4,281,432