Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net loss - before noncontrolling interest ("NCI") $ (17,268,131) $ (18,172,822)
Adjustments to reconcile net loss - before NCI to net cash used in operating activities    
Depreciation expense 14,226 9,790
Stock-based compensation 1,570,652 1,228,699
Interest expense added to principal of Senior Secured Note 591,574
Interest expense - amortization of debt discount - Senior Secured Note 1,606,302
Debt extinguishment - Senior Secured Convertible Notes 1,831,317
Debt extinguishment - Senior Secured Note 1,408,296
Change in fair value - Senior Secured Convertible Notes 558,599 903,000
Modification expense - Series Z Warrant 1,140,995
Series A and Series A-1 Exchange Offer - March 15, 2018 349,796
Series W Warrants Exchange Offer - April 5, 2018 766,456
Unit Purchase Options Exchange Offer - August 22, 2018 2,120
Change in fair value - Series A Warrants derivative liability 96,480
Change in fair value - Series A Convertible Preferred Stock conversion option derivative liability (64,913)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (90,244) (149,573)
Accounts payable 613,283 872,111
Accrued expenses and other current liabilities 56,027 623,782
Deposits - Long-Term (643,000)
Net cash flows used in operating activities (13,357,271) (8,787,907)
Cash flows from investing activities    
Purchase of equipment (27,203) (26,609)
Net cash flows used in investing activities (27,203) (26,609)
Cash flows from financing activities    
Proceeds - issue of Senior Secured Convertible Note 7,000,000
Repayment of debt - Senior Secured Note (5,000,000)
Proceeds - issue of units in an equity subscription rights offering 9,437,000
Payment - offering costs - equity subscription rights offering (225,674)
Proceeds - issue of common stock in an underwritten public offering 4,388,099
Payment - offering costs - underwritten public offering (113,438)
Proceeds - issue of common stock of majority-owned subsidiary 1,812
Proceeds - issue of common stock- registered offerings 5,480,000
Payment - offering costs - registered offerings (101,098)
Proceeds - issue of Senior Convertible Note 6,300,000
Payment - issue of Senior Convertible Note (85,750)  
Payment - issue of Senior Convertible Note - non-installment (279,002)
Proceeds - issue of common stock under employee stock purchase plan 67,436
Payment - Series A Convertible Preferred Stock Dividends (7,099)
Proceeds - issue of common stock upon exercise of warrants, net 20,913
Net cash flows provided by financing activities 11,381,586 15,501,613
Net increase (decrease) in cash (2,002,888) 6,687,097
Cash, beginning of period 8,222,119 1,535,022
Cash, end of period $ 6,219,231 $ 8,222,119