STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Cash flows from operating activities |
|
|
| Net loss |
$ (27,048,808)
|
$ (24,162,279)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Share-based compensation |
2,871,000
|
3,805,000
|
| Write-off of deferred offering costs |
100,056
|
0
|
| Accrued interest on convertible notes |
0
|
280,394
|
| Amortization of debt discount |
1,067,379
|
2,513,475
|
| Depreciation |
21,607
|
19,555
|
| Beneficial conversion feature |
0
|
3,077,887
|
| Change in fair value of derivative liability |
(873,000)
|
(50,000)
|
| Change in fair value of warrant liabilities |
54,200
|
0
|
| Extinguishment of derivative liability |
(370,000)
|
0
|
| Warrant inducement expense |
1,265,780
|
0
|
| Loss on extinguishment of debt |
1,049,166
|
0
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other assets |
(50,145)
|
(298,724)
|
| Accounts payable |
124,973
|
86,412
|
| Accrued expenses |
3,921,424
|
(441,050)
|
| Accrued interest |
(101,624)
|
0
|
| Net cash used in operating activities |
(17,967,992)
|
(15,169,330)
|
| Cash flows from investing activities |
|
|
| Purchase of property and equipment |
(11,934)
|
(13,943)
|
| Purchase of restricted deposit |
0
|
(75,000)
|
| Loan payments from related party |
0
|
75,000
|
| Net cash used in investing activities |
(11,934)
|
(13,943)
|
| Cash flows from financing activities |
|
|
| Borrowings from convertible notes |
5,000,000
|
3,345,000
|
| Payments of debt issuance costs |
(57,000)
|
(50,000)
|
| Payments of convertible notes |
(7,790,557)
|
(275,000)
|
| Proceeds from issuance of common stock and warrants |
20,706,919
|
18,132,661
|
| Proceeds from exercise of stock options |
30,064
|
182,428
|
| Proceeds from exercise of warrants |
0
|
928,178
|
| Payment of deferred offering costs |
(1,045,468)
|
(1,706,657)
|
| Net cash provided by financing activities |
16,843,958
|
20,556,610
|
| Net (decrease) increase in cash and cash equivalents |
(1,135,968)
|
5,373,337
|
| Cash and cash equivalents as of beginning of year |
5,728,900
|
355,563
|
| Cash and cash equivalents as of end of year |
4,592,932
|
5,728,900
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the year for interest |
874,203
|
280,287
|
| Supplemental disclosure of non-cash financing activities |
|
|
| Conversion of convertible notes and accrued interest to common stock |
0
|
9,229,819
|
| Assumption of liabilities from reverse recapitalization transaction |
0
|
978,674
|
| Warrants issued to placement agents |
0
|
913,000
|
| Commissions payable in connection with exercise of warrants |
0
|
87,152
|
| Accrued interest converted to convertible note payable |
0
|
156,667
|
| Non-cash addition of derivative liability |
1,281,000
|
420,000
|
| Non-cash addition of deferred offering costs |
151,137
|
54,706
|
| Deferred offering costs reclassified to additional paid-in capital |
$ 0
|
$ 159,795
|