Unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2021 |
Mar. 31, 2020 |
| Cash flows from operating activities |
|
|
| Net loss |
$ (5,431,079)
|
$ (3,603,001)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Share-based compensation |
422,000
|
276,000
|
| Accrued interest on convertible notes |
0
|
81,972
|
| Amortization of debt discount |
43,983
|
481,024
|
| Depreciation |
1,110
|
5,284
|
| Change in fair value of derivative liabilities |
(7,000)
|
(338,000)
|
| Change in fair value of warrant liabilities |
0
|
(1,578,800)
|
| Warrant inducement expense |
0
|
690,839
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other assets |
(269,942)
|
66,841
|
| Accounts payable |
(117,269)
|
1,185,384
|
| Accrued expenses and other liabilities |
(866,315)
|
100,072
|
| Accrued interest |
(488)
|
0
|
| Net cash used in operating activities |
(6,225,000)
|
(2,632,385)
|
| Cash flows from investing activities |
|
|
| Purchase of property and equipment |
(5,012)
|
0
|
| Net cash used in investing activities |
(5,012)
|
0
|
| Cash flows from financing activities |
|
|
| Borrowings from convertible notes |
0
|
2,500,000
|
| Payments of convertible notes |
(58,199)
|
(1,469,804)
|
| Payments of debt issuance costs |
0
|
(23,000)
|
| Proceeds from the exercise of stock options |
75,903
|
0
|
| Payment of offering costs |
0
|
(300,000)
|
| Proceeds from exercise of warrants |
6,857,028
|
0
|
| Net cash provided by financing activities |
6,874,732
|
707,196
|
| Net increase (decrease) in cash and cash equivalents |
644,720
|
(1,925,189)
|
| Cash and cash equivalents as of beginning of period |
37,851,388
|
4,592,932
|
| Cash and cash equivalents as of end of period |
38,496,108
|
2,667,743
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the period for interest |
569
|
54,578
|
| Supplemental disclosure of non-cash financing activities |
|
|
| Non-cash addition of derivative liability |
0
|
370,000
|
| Addition of non-cash stock issuance and deferred offering costs |
$ 142,333
|
$ 0
|