v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (34,470,677) $ (17,251,317)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 54,349 12,403
Gain on disposal of equipment (452) 0
Equity based compensation 15,177,677 6,600,587
Fair value of warrants to acquire research and development 3,162,342 0
Change in fair value of modified options 666,062 0
Changes in operating assets and liabilities:    
Inventory (577,690) 0
Vendor deposits 100,000 0
Prepaid expenses (90,189) (61,504)
Payment of long term deposit (47,601) (37,154)
Accounts payable 537,497 478,751
Lease liability, net 5,700 0
Deferred rent payable 0 2,807
Net cash used in operating activities (15,482,982) (10,255,427)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from disposal of equipment 2,749 0
Payments of patent costs (111,316) (268,796)
Payment of trademark costs (275) (850)
Purchase of property and equipment (177,092) (38,033)
Net cash used in investing activity (285,934) (307,679)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 10,007,188 9,139,721
Proceeds from sale of subsidiary stock to non-controlling interest 5,011,309 0
Proceeds from sale of Series E preferred stock 0 1,492,969
Proceeds from exercise of warrants 7,470,807 2,217,397
Proceeds from exercise of options 938,034 615,600
Net cash provided by financing activities 23,427,338 13,465,687
Net increase in cash and cash equivalents 7,658,422 2,902,581
Cash and cash equivalents, beginning of the period 4,450,160 1,547,579
Cash and cash equivalents, end of the period 12,108,582 4,450,160
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 25,163 884,736
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 511,236 0
Series C Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 399,592 744,459
Series D Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 0 540,271
Series E Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends 0 315,000
Upon Adoption of ASU 2017-11 [Member]    
Non cash investing and financing activities:    
Reclassify derivative liability to equity $ 0 $ 3,044,162

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