Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (10,673,316) $ (2,686,065)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,046 1,075
Stock-based compensation 5,039,362 394,692
Fair value of shares relinquished in litigation (394,410)
Realized loss on short-term investments 171,611
Unrealized loss on short-term investments 934,919
Change in operating assets and liabilities:    
Other receivable (7,529)
Other assets (25,000)
Lease payment receivable 17,704 16,285
Prepaid expenses 177,855 329,872
Accounts payable 580,153 721,220
Accrued expenses 333,432 (369,598)
Net cash used in operating activities (3,424,763) (2,011,929)
Cash flows from investing activities    
Purchase of short-term investments (37,230,631)
Sale of short-term investments 13,598,416
Net cash used in investing activities (23,632,215)
Cash flows from financing activities    
Principal payments of notes payable (110,247) (85,969)
Proceeds from issuance of common stock 1,725,000
Proceeds from options exercised for common stock 73,020
Proceeds from warrants exercised for common stock 3,042,173
Net cash provided by financing activities 3,004,946 1,639,031
Net decrease in cash and cash equivalents (24,052,032) (372,898)
Cash and cash equivalents at beginning of the period 36,278,519 2,426,751
Cash and cash equivalents at end of the period 12,226,487 2,053,853
Cash paid during the period for:    
Income taxes
Interest 2,415 4,357
Non-cash investing and financing activities:    
Cashless exercise of warrants for common stock $ 34