v3.20.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,270,503) $ (3,208,345)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 70,767 29,703
Stock-based compensation 711,486 512,045
Amortization of debt discount 0 664,953
Deferred rent (2,387) (1,006)
Changes in operating assets - (increase)/decrease:    
Prepaid expenses and other current assets (816,859) (220,349)
Changes in operating liabilities - increase/(decrease):    
Accounts payable (349,541) (1,161,769)
Accrued liabilities (664,763) (68,853)
Non-convertible accrued interest - non-related and related party 0 10,617
Convertible accrued interest - related party 0 145,667
NET CASH USED IN OPERATING ACTIVITIES: (4,321,800) (3,297,337)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for the purchase of property and equipment and trademark registration (10,099) (784,568)
NET CASH USED IN INVESTING ACTIVITIES: (10,099) (784,568)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of non-convertible notes payable and accrued interest - related party and non-related party 0 (1,005,038)
Proceeds from the issuance of non-convertible notes payable - non-related party 0 300,000
Proceeds from initial public offering 0 9,714,198
NET CASH PROVIDED BY FINANCING ACTIVITIES: 0 9,009,160
Net (decrease) increase in cash (4,331,899) 4,927,255
Cash, beginning of period 12,076,425 133,435
Cash, end of period 7,744,526 5,060,690
Supplemental cash flow disclosures:    
Cash paid for interest 0 20,038
Non-cash financing activities:    
Accrued preferred dividends 0 160,219
Accrued direct issuance costs - offering 0 (276,560)
Capital contributions - debt forgiveness 0 434,065
Issuance of common stock for extinguishment of convertible note payable and accrued interest - related party and non-related party 0 11,784,987
Issuance of common stock for extinguishment of dividends payable 0 4,776,015
Non-Cash Deferred Direct Issuance Costs, Offering $ 0 $ 145,974

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