v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2020
Dec. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net loss     $ (2,673,608) $ (2,429,061)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     16,843 36,779  
Stock compensation expense     39,246 61,978  
Value of stock issued in payment of employee bonuses     64,511  
Value of stock issued in payment of services     4,801  
Changes in operating assets and liabilities:          
Accounts and other receivables     860,917 11,283  
Prepaid expenses, right-of-use lease assets, and other assets     69,554 (217,651)  
Accounts payable     342,214 427,894  
Accrued, lease and other liabilities     324,197 (56,560)  
Net cash used in operating activities     (951,324) (2,165,338)  
Cash flows from investing activities:          
Maturities of available-for-sale securities     200,000  
(Payments for purchases) proceeds from disposal of equipment     (6,459) 26,875  
Patent and trademark costs     (57,984)  
Net cash (used in) provided by investing activities     (64,444) 226,875  
Cash flows from financing activities:          
Proceeds from issuance of common stock $ 812,000 $ 1,900,000 850,000 50,300 $ 1,100,000
Payment of common stock issuance costs     (150,000)  
Principal payments on notes payable     (130,036) (117,276)  
Net cash provided by (used in) financing activities     569,964 (66,976)  
Net decrease in cash and cash equivalents     (445,804) (2,005,439)  
Cash and cash equivalents, beginning of period $ 1,047,159   1,047,159 3,475,881 3,475,881
Cash and cash equivalents, end of period   $ 1,047,159 $ 601,355 $ 1,470,442 $ 1,047,159

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