Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (48,208,124) $ (19,283,156)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 67,092 36,424
Equity based compensation 20,573,331 7,696,286
Change in fair value of modified options 0 666,062
Fair value of subsidiary stock issued to acquire research and development from Trek Therapeutics, PBC 3,174,550 0
Fair value of subsidiary stock issued to acquire research and development 1,299,795 0
Changes in operating assets and liabilities:    
Inventory (228,717) 0
Vendor deposits (8,826) (330,444)
Prepaid expenses (170,387) (97,158)
Security deposit 0 (47,601)
Accounts payable 3,004,915 (226,829)
Lease liability, net (386) 4,730
Net cash used in operating activities (20,496,757) (11,581,686)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments of patent costs 0 (111,316)
Payment of trademark costs 0 (275)
Purchase of property and equipment (60,144) (83,297)
Net cash used in investing activity (60,144) (194,888)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 25,214,311 8,619,278
Proceeds from sale of common stock under a At-the-market offering, net of issuance costs 1,001,763 0
Proceeds from sale of subsidiary stock to non-controlling interest, net of issuance costs 10,592,075 3,694,646
Subscription received from subsidiary stock subscription from non-controlling interest 0 501,000
Proceeds from exercise of options 2,722,012 465,198
Proceeds from exercise of warrants 1,666,495 6,354,870
Net cash provided by financing activities 41,196,656 19,634,992
Net increase in cash and cash equivalents 20,639,755 7,858,418
Cash and cash equivalents, beginning of the period 12,108,582 4,450,160
Cash and cash equivalents, end of the period 32,748,337 12,308,578
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
Noncash investing and financing activities:    
Dividend payable on preferred stock charged to additional paid in capital 11,698 20,286
Right-to-use assets and lease liability recorded upon adoption of ASC 842 0 422,215
Record right-to-use assets and related lease liability 0 511,236
Series C Preferred Stock [Member]    
Noncash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends $ 180,341 $ 399,592