v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (17,251,317) $ (12,695,743)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 12,403 11,698
Amortization of debt discount   3,210
Change in derivative liabilities 0 (210,465)
Equity based compensation 6,600,587 4,749,470
Fair value of issued warrant to acquire research and development 0 543,927
Prepaid expenses (61,504) 17,325
Payment of long term deposit (37,154) 10,528
Accounts payable 478,751 102,338
Deferred rent payable 2,807 (2,342)
Net cash used in operating activities (10,255,427) (7,470,054)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments of patent costs (268,796) 0
Payment of trademark costs (850) 0
Purchase of property and equipment (38,033) (9,436)
Net cash used in investing activity (307,679) (9,436)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 9,139,721 6,011,229
Proceeds from sale of Series D preferred stock 0 1,929,960
Proceeds from sale of Series E preferred stock 1,492,969 0
Proceeds from exercise of warrants 2,217,397 0
Proceeds from exercise of options 615,600 0
Proceeds from common stock subscription 0 29,985
Net cash provided by financing activities 13,465,687 7,971,174
Net increase in cash and cash equivalents 2,902,581 491,684
Cash and cash equivalents, beginning of the period 1,547,579 1,055,895
Cash and cash equivalents, end of the period 4,450,160 1,547,579
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  
Series C Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 744,459 116,868
Series D Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 540,271 0
Series E Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 315,000 0
Embedded Derivative Financial Instruments, Upon Issuance of Series D Preferred Stock [Member]    
Non cash investing and financing activities:    
Reclassify derivative liability to equity 0 1,049,216
Embedded Derivative Financial Instruments [Member]    
Adjustments to reconcile net loss to cash used in operating activities:    
Change in derivative liabilities 0  
Non cash investing and financing activities:    
Reclassify derivative liability to equity 0 20,757
Embedded Derivative Financial Instruments [Member] | Series C Preferred Stock [Member]    
Non cash investing and financing activities:    
Reclassify derivative liability to equity   20,757
Upon Adoption of ASU 2017-11 [Member]    
Non cash investing and financing activities:    
Reclassify derivative liability to equity $ 3,044,162 $ 0

Source