v3.19.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,181,879) $ (3,916,754)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 72,748 60,293
Share-based compensation 1,198,074 347,243
Impairment of intangible assets 19,138
Amortization of debt discount 664,953 17,356
Deferred rent (2,562) (504)
Changes in operating assets - (Increase)/Decrease:    
Prepaid expenses and other current assets (264,440) (33,176)
Deferred financing costs (122,900)
Changes in operating liabilities - Increase/(Decrease):    
Accounts payable (2,122,264) 695,263
Accrued liabilities 125,339 (265,517)
Non-convertible accrued interest - non-related and related party 10,617 27,762
Convertible accrued interest - related party 145,667 374,050
NET CASH USED IN OPERATING ACTIVITIES: (6,353,747) (2,797,746)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for the purchase of property and equipment (39,164) (4,067)
Payments for acquisition of intangibles (4,467) (6,855)
NET CASH USED IN INVESTING ACTIVITIES: (43,631) (10,922)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of non-convertible notes payable - related party and non-related party (985,000)
Payment of non-convertible notes payable accrued interest - related party and non-related party (20,038)
Proceeds from the issuance of non-convertible notes payable - non-related party 300,000
Proceeds from initial public offering 9,714,198
Proceeds from private investment in public equity offering 8,641,951
Loan from non-related party 1,978,000
Deferred financing costs (163,760)
Proceeds from convertible notes payable - related party 2,397,000
NET CASH PROVIDED BY FINANCING ACTIVITIES: 17,651,111 4,211,240
Net increase in cash 11,253,733 1,402,572
Cash, beginning of period 133,435 18,412
Cash, end of period 11,387,168 1,420,984
Supplemental cash flow disclosures:    
Cash paid for interest (non-convertible Notes Payable - related and non-related party) 20,038
Accrued preferred dividends 160,219 640,000
Warrants debt discount on convertible notes 227,112
Capital contributions - debt forgiveness 434,065
Issuance of common stock for extinguishment of convertible note payable - related party and non-related party 10,352,219
Issuance of common stock for extinguishment of convertible note payable accrued interest - related party and non-related party 1,432,768
Issuance of common stock for extinguishment of dividends payable 4,773,480
Issuance of common stock for extinguishment of preferred stock A and preferred stock B 2,535
Deferred direct issuance costs - APIC $ 145,974

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