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 ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net Loss $ (7,459,254) $ (8,858,858)
Adjustments to reconcile net loss from operations to net cash used in operating activities    
Common stock issued for services and stock-based compensation 25,110 591,663
Patent write-off 111,850 0
Equity in loss from joint venture 0 3,812,463
Changes in operating working capital items:    
Other receivable from joint venture 400,000 (540,155)
Prepaid expenses and other current assets (117,281) (60,288)
Accounts payable and accrued liabilities 1,465,492 937,836
Net Cash Used in Operating Activities (5,574,083) (4,117,339)
Investing Activities    
Investment in joint venture 0 (3,540,000)
Patent costs (138,692) (148,432)
Net Cash Used in Investing Activities (138,692) (3,688,432)
Financing Activities    
Net proceeds from issuances of common stock and exercise of stock options 5,164,685 3,750,454
Net Cash Provided by Financing Activities 5,164,685 3,750,454
Net Decrease in Cash and Cash Equivalents (548,090) (4,055,317)
Cash and Cash Equivalents, Beginning of Period 17,958,989 24,637,295
Cash and Cash Equivalents, End of Period 17,410,899 20,581,978
Cash paid during the period    
Interest paid 0 0
Income taxes paid 0 0
Non-Cash Financing Activities    
Accumulated preferred stock dividend 548,637 522,205
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder 38,071 91,635
Common stock issued for services $ 17,000 $ 0