Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flow (Unaudited)

v3.19.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (4,050,708) $ (4,110,004)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 47,867 47,138
Amortization of operating lease right-of-use assets 110,277
Amortization of finance lease right-of-use assets 36,395
Change in deferred rent 16,926
Stock based compensation expense 804,463 1,747,816
Changes in operating assets and liabilities:    
Operating lease liabilities (83,786)
Prepaid expenses 89,519 128,598
Accounts payable 99,040 (109,354)
Accrued expenses and other liabilities (76,279) (526,851)
Net cash used in operating activities (3,023,212) (2,805,731)
Cash flows from investing activities:    
Purchases of leasehold improvements and equipment (14,246) (101,916)
Net cash used in investing activities (14,246) (101,916)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 30,168,307
Payments of capital lease liability - principal (20,236) (8,014)
Payments of note payable (119,905) (127,677)
Net cash provided by (used in) financing activities 30,028,166 (135,691)
Net increase in cash, cash equivalents and restricted cash 26,990,708 (3,043,338)
Cash, cash equivalents and restricted cash at beginning of period 13,007,838 7,997,937
Cash, cash equivalents and restricted cash at end of period 39,998,546 4,954,599
Supplemental non-cash financing and investing activities:    
Right of use assets obtained in exchange for liabilities 4,453,028
Preferred stock conversion into common stock - series A 150,000
Preferred stock conversion into common stock - series B 77,504
Stock dividends issued 12,000
Equipment acquired under capital lease 81,089
Unearned restricted stock grants $ 173,333