v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,407) $ (6,182)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 142 73
Stock-based compensation 1,447 1,198
Amortization of debt discount 0 665
Deferred rent (3) (3)
Changes in operating assets - (increase)/decrease:    
Prepaid expenses and other current assets (333) (264)
Inventory (171) 0
Changes in operating liabilities - increase/(decrease):    
Accounts payable (556) (1,342)
Accrued liabilities (598) 124
Non-convertible accrued interest - non-related and related party 0 11
Convertible accrued interest - related party 0 146
NET CASH USED IN OPERATING ACTIVITIES: (6,479) (5,574)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for the purchase of property and equipment and trademark registration (137) (823)
NET CASH USED IN INVESTING ACTIVITIES: (137) (823)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of non-convertible notes payable and accrued interest - related party and non-related party 0 (1,005)
Proceeds from the issuance of non-convertible notes payable - non-related party 0 300
Proceeds from issuance of common shares from IPO, net of costs 0 9,714
Proceeds from issuance of common shares from PIPE Offering, net of costs 0 8,642
Proceeds from issuance of common shares from June 2020 Offering, net of costs 32,046 0
NET CASH PROVIDED BY FINANCING ACTIVITIES: 32,046 17,651
Net increase in cash 25,430 11,254
Cash, beginning of period 12,076 133
Cash, end of period 37,506 11,387
Supplemental cash flow disclosures:    
Cash paid for interest 0 20
Non-cash financing activities:    
Accrued preferred dividends 0 160
Accrued direct issuance costs - offering 0 (277)
Capital contributions - debt forgiveness 0 434
Issuance of common stock for extinguishment of convertible note payable and accrued interest - related party and non-related party 0 11,785
Issuance of common stock for extinguishment of dividends payable 0 4,773
Non-Cash Deferred Direct Issuance Costs, Offering $ 0 $ 146

Source