Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.19.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,314,936) $ (7,480,624)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 120,488 130,075
Share-based compensation 938,184 586,106
Write-down of intangible assets 19,138
Amortization of debt discount 111,537
Changes in operating assets – (Increase)/Decrease:    
Prepaid expenses and other current assets (2,787) 25,817
Changes in operating liabilities – Increase/(Decrease):    
Accounts payable 1,387,383 10,057
Accrued liabilities 1,143,139 335,213
Accrued interest – non-related party 133,804
Accrued interest – related party 866,889 295,830
Deferred rent (2,516) 1,978
NET CASH USED IN OPERATING ACTIVITIES: (4,599,677) (6,095,548)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for the purchase of property and equipment (17,626) (48,807)
Payments for acquisition of intangibles (12,354) (18,125)
NET CASH USED IN INVESTING ACTIVITIES: (29,980) (66,932)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible notes – related party 2,397,000
Proceeds from issuance of convertible notes, net 1,814,240
Proceeds from issuance of non-convertible notes – related party 125,000 6,025,000
Proceeds from issuance of non-convertible notes 560,000
Payment of deferred direct issuance costs – proposed offering (151,560)
NET CASH PROVIDED BY FINANCING ACTIVITIES: 4,744,680 6,025,000
Net increase (decrease) in cash and cash equivalents 115,023 (137,480)
Cash and cash equivalents, beginning of period 18,412 155,892
Cash and cash equivalents, end of period 133,435 18,412
Supplemental cash flow disclosures:    
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:    
Accrued direct issuance costs – offering 125,000
Property and equipment acquired through accounts payable 780,000
Capital contributions – debt forgiveness 132,708
Accrued preferred dividends 1,280,000 1,280,000
Debt discount on convertible notes and notes payable – issuance of warrants $ 466,754