Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities:    
Net Loss $ (2,264,086) $ (3,110,527)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 6,085 335,013
Equity in loss from joint venture 1,295,032
Changes in operating working capital items:    
Other receivable from joint venture 400,000 (265,548)
Prepaid expenses and other current assets (297,281) (157,314)
Accounts payable and accrued liabilities 135,394 356,566
Net Cash Used In Operating Activities (2,019,888) (1,546,778)
Investing Activities:    
Investment in joint venture (1,440,000)
Patent costs (4,423) (108,761)
Net Cash Used In Investing Activities (4,423) (1,548,761)
Financing Activities:    
Net proceeds from the issuance of common stock 399,675 1,986,485
Net Cash Provided by Financing Activities 399,675 1,986,485
Net Decrease In Cash and Cash Equivalents (1,624,636) (1,109,054)
Cash and Cash Equivalents, Beginning of Period 17,958,989 24,637,295
Cash and Cash Equivalents, End of Period 16,334,353 23,528,241
Cash paid during the period:    
Interest paid
Income taxes paid
Non-Cash Financing Activities:    
Accumulated preferred stock dividend 180,228 172,186
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder $ 8,975