v3.19.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,476,776) $ (6,895,374)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 146,095 90,321
Stock-based compensation 1,859,800 661,205
Impairment of intangible assets 0 19,138
Amortization of debt discount 664,953 44,921
Deferred rent (4,949) (1,510)
Changes in operating assets - (Increase)/Decrease:    
Prepaid expenses and other current assets (187,739) (7,643)
Changes in operating liabilities - Increase/(Decrease):    
Accounts payable (1,599,844) 1,322,260
Accrued liabilities 408,663 339,275
Non-convertible accrued interest - non-related and related party 10,617 79,988
Convertible accrued interest - related party 145,667 621,114
NET CASH USED IN OPERATING ACTIVITIES: (9,033,513) (3,726,305)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for the purchase of property and equipment (39,164) (16,008)
Payments for acquisition of intangibles (4,579) (11,152)
NET CASH USED IN INVESTING ACTIVITIES: (43,743) (27,160)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of non-convertible notes payable - related party and non-related party (985,000) 0
Payment of non-convertible notes payable accrued interest - related party and non-related party (20,038) 0
Proceeds from the issuance of non-convertible notes payable - non-related party 300,000 0
Proceeds from initial public offering 9,714,198 0
Proceeds from private investment in public equity offering 8,643,302 0
Loan from non-related party 0 1,978,000
Deferred financing issuance costs 0 (163,760)
Proceeds from convertible notes payable - related party 0 2,397,000
Payment of deferred direct issuance costs - proposed offering 0 278,212
NET CASH PROVIDED BY FINANCING ACTIVITIES: 17,652,462 3,933,028
Net increase in cash 8,575,206 179,563
Cash, beginning of period 133,435 18,412
Cash, end of period 8,708,641 197,975
Supplemental cash flow disclosures:    
Cash paid for interest (non-convertible notes payable - related and non-related party) 20,038 0
Non-cash financing activities:    
Accrued preferred dividends 160,219 960,000
Warrants debt discount on convertible notes 0 103,006
Capital contributions - debt forgiveness 434,065 0
Issuance of common stock for extinguishment of convertible note payable - related party and non-related party 10,400,000 0
Issuance of common stock for extinguishment of convertible note payable accrued interest - related party and non-related party 1,432,768 0
Issuance of common stock for extinguishment of dividends payable 4,773,480 0
Issuance of common stock for extinguishment of preferred stock A and preferred stock B 2,535 0
Debt discount on convertible notes and notes payable – issuance of warrants 145,974 0
Deferred direct issuance costs - offering $ 276,560 $ 0

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