Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (13,819,152) $ (8,403,757)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 17,914 5,829
Equity based compensation 5,727,065 3,945,521
Change in fair value of modified options 666,062 0
Changes in operating assets and liabilities:    
Prepaid expenses (159,067) (49,174)
Payment of long term deposit (69,764) (42,124)
Accounts payable (8,410) (254,457)
Change in derivative liabilities 3,387 0
Deferred rent payable 0 854
Net cash used in operating activities (7,641,965) (4,797,308)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments of patent costs (111,316) (258,233)
Payment of trademark costs (275) 0
Purchase of property and equipment (45,241) (8,211)
Net cash used in investing activity (156,832) (266,444)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 8,619,278 5,268,445
Proceeds from sale of Series E preferred stock 0 1,492,969
Proceeds from exercise of warrants 4,618,487 427,896
Proceeds from exercise of options 444,838 0
Net cash provided by financing activities 13,682,603 7,189,310
Net increase in cash and cash equivalents 5,883,806 2,125,558
Cash and cash equivalents, beginning of the period 4,450,160 1,547,579
Cash and cash equivalents, end of the period 10,333,966 3,673,137
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 0 0
Cash paid during the period for income taxes 0 0
Non cash investing and financing activities:    
Reclassify derivative liability to equity   3,044,162
Dividend payable on preferred stock charged to additional paid in capital 15,409 585,913
Right-to-use assets and lease liability recorded upon adoption of ASC 842 422,215 0
Record right-to-use assets and related lease liability 506,276 0
Series C Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 399,592 597,806
Embedded Derivative Financial Instruments, Upon Issuance of Series D Preferred Stock [Member]    
Non cash investing and financing activities:    
Reclassify derivative liability to equity 0 540,271
Upon Adoption of ASU 2017-11 [Member]    
Non cash investing and financing activities:    
Reclassify derivative liability to equity $ 0 $ 3,044,162