v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 21 Months Ended
Jan. 31, 2020
Dec. 31, 2019
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Sep. 30, 2020
Cash flows from operating activities:                    
Net (loss) income     $ (2,899,338) $ (2,673,608) $ (3,074,104) $ (2,429,061) $ (7,898,566) $ (8,176,343)    
Adjustments to reconcile net loss to net cash used in operating activities:                    
Depreciation and amortization             51,501 107,794    
(Gain) loss on disposal and abandonment of assets             (1,042) 1,672    
Stock compensation expense             136,349 178,179    
Value of stock issued in payment of employee bonuses             171,522    
Value of stock issued in payment of services             70,201    
Value of stock issued to 401(k) plan for employer matching contribution             39,834 19,588   $ 20,000
Changes in operating assets and liabilities:                    
Stock subscriptions and other receivables             781,128 (124,665)    
Prepaid expenses, right-of-use lease assets, and other assets             1,029,427 753,034    
Accounts payable             3,802 414,250    
Accrued, lease and other liabilities             8,269 216,180    
Deferred revenue             (9,355) (11,024)    
Net cash used in operating activities             (5,616,930) (6,621,335)    
Cash flows from investing activities:                    
Proceeds from sales of available-for-sale securities             400,000    
Maturities of available-for-sale securities             400,000    
(Payments for purchases) proceeds from disposal of equipment             (129,216) 28,382    
Proceeds from sale of equipment             1,042    
Patent and trademark costs             (202,078)    
Net cash (used in) provided by investing activities             (330,252) 828,382    
Cash flows from financing activities:                    
Proceeds from issuance of preferred stock             4,350,000    
Proceeds from issuance of common stock $ 812,000 $ 1,900,000         4,417,560 6,046,915 $ 1,100,000  
Proceeds from note payable             366,000    
Principal payments on notes payable             (305,955) (316,074)    
Net cash provided by financing activities             8,622,875 5,158,570    
Net increase (decrease) in cash and cash equivalents             2,675,693 (634,383)    
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 3,475,881
Cash and cash equivalents, end of period   $ 1,047,159 $ 3,722,852   $ 2,841,498   3,722,852 2,841,498 $ 1,047,159 $ 3,722,852
Preferred Stock Issuance Costs [Member]                    
Cash flows from financing activities:                    
Payment of stock issuance costs             (54,730)    
Common Stock Issuance Costs [Member]                    
Cash flows from financing activities:                    
Payment of stock issuance costs             $ (150,000) $ (572,271)    

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