v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (12,763,373) $ (5,869,548)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 21,015 7,935
Equity based compensation 4,412,584 2,670,015
Fair value of subsidiary stock issued to acquire research and development from Trek Therapeutics, PBC 3,174,550 0
Changes in operating assets and liabilities:    
Inventory (222,310) 0
Vendor deposits (100,000) 0
Prepaid expenses (10,295) 21,865
Accounts payable (455,513) (354,272)
Lease liability, net 1,021 1,404
Net cash used in operating activities (5,942,321) (3,522,601)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments of patent costs 0 (58,327)
Payment of trademark costs 0 (275)
Purchase of property and equipment (20,478) (14,422)
Net cash used in investing activity (20,478) (73,024)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 9,052,331 8,619,278
Proceeds from exercise of warrants 301,620 1,459,780
Net cash provided by financing activities 9,353,951 10,079,058
Net increase in cash and cash equivalents 3,391,152 6,483,433
Cash and cash equivalents, beginning of the period 12,108,582 4,450,160
Cash and cash equivalents, end of the period 15,499,734 10,933,593
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 4,618 10,541
Right-to-use assets and lease liability recorded upon adoption of ASC 842 0 422,215
Series C Preferred Stock [Member]    
Noncash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends $ 15,837 $ 0

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