Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net Loss $ (4,396,192) $ (6,417,444)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 12,170 572,285
Patent write-off 111,850 0
Equity in loss from joint venture 0 3,257,350
Changes in operating working capital items:    
Other receivable from joint venture 400,000 (414,021)
Prepaid expenses and other current assets (207,281) (118,059)
Accounts payable and accrued liabilities 543,639 210,650
Net Cash Used in Operating Activities (3,535,814) (2,909,239)
Investing Activities    
Investment in joint venture 0 (3,540,000)
Patent costs (69,872) (128,771)
Net Cash Used in Investing Activities (69,872) (3,668,771)
Financing Activities    
Net proceeds from issuances of common stock and exercise of stock options 2,703,010 2,916,399
Net Cash Provided by Financing Activities 2,703,010 2,916,399
Net Decrease in Cash and Cash Equivalents (902,676) (3,661,611)
Cash and Cash Equivalents, Beginning of Period 17,958,989 24,637,295
Cash and Cash Equivalents, End of Period 17,056,313 20,975,684
Cash paid during the period:    
Interest paid 0 0
Income taxes paid 0 0
Non-Cash Financing Activities:    
Accumulated preferred stock dividend 363,760 345,703
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder $ 23,032 $ 91,635