Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flow

v3.19.1
Consolidated Statements of Cash Flow - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (14,083,073) $ (15,486,489)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 218,308 100,605
Deferred rent 57,150 157,349
Stock-based compensation expense 3,833,088 3,597,480
Deferred tax liability (506,920) (356,956)
Changes in operating assets and liabilities    
Prepaid expenses 349,669 256,924
Other assets 4,845
Accounts payable (287,215) 107,265
Accrued expenses and other liabilities 97,784 159,361
Net cash used in operating activities (10,321,209) (11,459,616)
Cash flows from investing activities:    
Purchases of leasehold improvements and equipment (535,916) (942,180)
Net cash used in investing activities (535,916) (942,180)
Cash flows from financing activities:    
Net proceedsfrom issuance of Series B convertible preferred stock and warrants 7,056,249
Net proceeds from exercise of warrants 14,828,373
Proceeds from ATM sale, net of commissions of $285,774 9,240,038 1,122,274
Payments of capital lease liability (59,184) (17,134)
Payments of note payable (370,077) (330,840)
Netcash provided by financing activities 15,867,026 15,602,673
Net increase in cash, cash equivalents and restricted cash 5,009,901 3,200,877
Cash, cash equivalents and restricted cash at beginning of period 7,997,937 4,797,060
Cash, cash equivalents and restricted cash at end of period 13,007,838 7,997,937
Supplemental non-cash financing and investing activities:    
Preferred stock conversion into common stock - series A 133,139 369,525
Preferred stock conversion into common stock - series B 2,770,121
Warrant issued to placement agent 89,582
Stock dividends accrual 587,144 608,343
Stock dividends issued 7,200
Inducement charges for modification of warrants 16,741,356
Stock dividends issued and converted to common stock 14,000
Note payable for insurance premiums 399,683 383,030
Equipment acquired under capital lease 155,427 85,420
Leasehold improvements paid by landlord 286,720
Unearned restricted stock grants $ 58,100 $ 381,333