Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net loss - before noncontrolling interest ("NCI") $ (18,172,822) $ (9,519,269)
Adjustments to reconcile net loss - before NCI to net cash used in operating activities    
Depreciation expense 9,790 7,110
Stock-based compensation 1,228,699 1,048,127
Interest expense added to principal of Senior Secured Note 591,574 188,542
Interest expense - amortization of debt discount - Senior Secured Note 1,606,302 347,601
Debt extinguishment - Senior Secured Note 1,408,296
Change in fair value - Senior Secured Convertible Note 903,000
Modification expense - Series Z Warrant 1,140,995
Modification expense - Series A-1 Warrant 222,000
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
Loss on issuance of Series A Preferred Stock Units 3,124,285
Change in fair value - Series A Warrants derivative liability 96,480 (1,942,501)
Change in fair value - Series A Convertible Preferred Stock conversion option derivative liability (64,913) (643,318)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (149,573) 67,023
Accounts payable 872,111 (83,793)
Accrued expenses and other current liabilities 623,782 575,985
Net cash flows used in operating activities (8,787,907) (6,608,208)
Cash flows from investing activities    
Purchase of equipment (26,609) (5,301)
Net cash flows used in investing activities (26,609) (5,301)
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 Senior Secured Note 4,842,577
Proceeds - issue of Series A Preferred Stock Units private placement 2,537,012
Payment - offering costs - Series A Preferred Stock Units private placement (388,628)
Proceeds - issue of Series A-1 Preferred Stock Units private placement 500,000
Payment - Series A Convertible Preferred Stock Dividends (7,099)
Proceeds - issue of common stock upon exercise of warrants, net 20,913 71,890
Net cash flows provided by financing activities 15,501,613 7,562,851
Net increase in cash 6,687,097 949,342
Cash, beginning of period 1,535,022 585,680
Cash, end of period $ 8,222,119 $ 1,535,022