Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flow (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (17,372,651) $ (14,083,073)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 205,964 218,308
Stock-based compensation expense 2,985,278 3,833,088
Loss on disposal of equipment 6,417
Amortization of operating lease right-of-use assets 452,054
Amortization of finance lease right-of-use assets 122,798
Amortization of bond discount 140
Deferred tax liability (506,920)
Change in deferred rent 57,150
Changes in operating assets and liabilities:    
Operating lease liabilities (359,570)
Prepaid expenses and other current assets (1,358,713) 349,669
Accounts payable 383,657 (287,215)
Accrued expenses and other liabilities 842,560 97,784
Net cash used in operating activities (14,092,066) (10,321,209)
Cash flows from investing activities:    
Purchases of marketable securities (5,605,654)
Purchases of leasehold improvements and equipment (405,604) (535,916)
Net cash used in investing activities (6,011,258) (535,916)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 30,103,306
Net proceeds from issuance of Series B convertible preferred stock 7,056,249
Net proceeds from ATM sale 9,240,038
Payments of capital lease liability - principal (81,715) (59,184)
Payments of note payable (199,842) (370,077)
Proceeds from exercise of stock options 30,175
Net cash provided by financing activities 29,851,924 15,867,026
Net increase in cash, cash equivalents and restricted cash 9,748,600 5,009,901
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 22,756,438 13,007,838
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 5,583,686 133,139
Preferred stock conversion into common stock - series B 210,742 2,770,121
Stock dividends issued and converted to common stock 2,234,430 14,000
Stock dividends accrual 1,174,285 587,144
Exercise of warrants 10,080
Unearned restricted stock grants 58,525 58,100
Unrealized loss on marketable securities 880
Warrants issued to placement agent 89,582
Note payable for insurance premiums 399,683
Equipment acquired under capital lease $ 155,427