Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 31, 2020
Dec. 31, 2019
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:                  
Net loss     $ (2,325,619) $ (2,673,608) $ (2,673,178) $ (2,429,061) $ (4,999,227) $ (5,102,240)  
Adjustments to reconcile net loss to net cash used in operating activities:                  
Depreciation and amortization             36,099 73,505  
Stock compensation expense             73,834 128,137  
Value of stock issued in payment of employee bonuses             171,522  
Value of stock issued in payment of services             4,801  
Value of stock issued to 401(k) plan for employer matching contribution             39,834 19,588  
Changes in operating assets and liabilities:                  
Stock subscriptions and other receivables             756,622 (185,712)  
Prepaid expenses, right-of-use lease assets, and other assets             837,490 (35,643)  
Accounts payable             48,842 248,303  
Accrued, lease and other liabilities             (122,442) 91,593  
Deferred revenue             166,805 483,976  
Net cash used in operating activities             (2,985,820) (4,278,493)  
Cash flows from investing activities:                  
Proceeds from sales of available-for-sale securities             400,000  
Maturities of available-for-sale securities             200,000  
(Payments for purchases) proceeds from disposal of equipment             (8,406) 26,875  
Patent and trademark costs             (115,271)  
Net cash (used in) provided by investing activities             (123,677) 626,875  
Cash flows from financing activities:                  
Proceeds from issuance of preferred stock             700,000  
Proceeds from issuance of common stock $ 812,000 $ 1,900,000         3,025,040 6,046,915 $ 1,100,000
Payment of common stock issuance costs             (150,000) (572,271)  
Proceeds from note payable             366,000  
Principal payments on notes payable             (261,701) (236,050)  
Net cash provided by financing activities             3,679,339 5,238,594  
Net increase in cash and cash equivalents             569,842 1,586,976  
Cash and cash equivalents, beginning of period $ 1,047,159     $ 1,047,159   $ 3,475,881 1,047,159 3,475,881 3,475,881
Cash and cash equivalents, end of period   $ 1,047,159 $ 1,617,001   $ 5,062,857   $ 1,617,001 $ 5,062,857 $ 1,047,159