v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating Activities    
Net Loss $ (14,417,266) $ (10,676,747)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Common stock issued for services and stock-based compensation 70,341 822,820
Patent write-off and impairment loss 1,169,644 0
Amortization of patents 100,117 89,623
Equity in loss from joint venture 0 3,321,737
Changes in operating working capital items    
Other receivable from joint venture 400,000 (306,747)
Prepaid expenses and other current assets (125,089) (10,626)
Accounts payable and accrued liabilities 31,831 92,243
Accrued legal settlement costs 4,200,000 0
Net Cash Used in Operating Activities (8,570,421) (6,667,697)
Investing Activities    
Investment in joint venture 0 (3,540,000)
Patents and trademarks (210,436) (221,063)
Net Cash Used in Investing Activities (210,436) (3,761,063)
Financing Activities    
Net proceeds from the issuance of common stock and exercise of stock options 12,353,533 3,750,454
Net Cash Provided by Financing Activities 12,353,533 3,750,454
Net Increase (Decrease) in Cash and Cash Equivalents 3,572,676 (6,678,306)
Cash and Cash Equivalents, Beginning of Year 17,958,989 24,637,295
Cash and Cash Equivalents, End of Year 21,531,665 17,958,989
Supplemental Disclosure of Cash Flow Information    
Interest paid 0 0
Income taxes paid 0 0
Non-Cash Financing Activities:    
Accumulated preferred stock dividend 735,149 699,815
Conversion of Series A convertible preferred stock and payment of paid-in-kind dividends to common stock 49,885 187,890
Common stock issued for services $ 17,000 $ 0

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