Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (10,462,030) $ (2,225,250)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 8,079,223 832,423
Issuance of common stock to consultants 282,109
Issuance of common stock and warrants in connection with cancellation of consulting agreement 264,520
Depreciation and amortization 14,697 19,954
Loss on extinguishment of debt 18,200
Loss on conversion of notes 22,447
Amortization of debt discount 1,051,698 419,856
Change in fair value of warrant liability (122,909) (147,808)
Changes in operating assets and liabilities:    
Prepaid and other current assets 5,392 (78,192)
Deferred offering costs (23,317)
Account payable (112,134) 144,211
Accrued expenses (189,905) (2,552)
Accrued interest 126,556 103,758
Net cash used in operating activities (1,286,656) (692,397)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (26,603)
Net cash used in investing activities (26,603)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of senior secured promissory note (200,000)
Proceeds from PPP loan 205,200
Proceeds from issuance of senior secured convertible notes and common stock warrants 2,050,000 620,000
Common stock repurchased and subsequently canceled (225,000)
Net cash provided by financing activities 1,830,200 620,000
Net increase (decrease) in cash 543,544 (99,000)
Cash - beginning of period 48,307 99,447
Cash - end of period 591,851 447
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Unpaid deferred offering costs 127,458
Unpaid research and development license included in accounts payable 100,000 100,000
Beneficial conversion feature in connection with notes payable 618,657 27,918
Issuance of common stock in connection with conversion of notes 2,151,461  
Issuance of common stock in connection with notes payable 750,750 61,500
Issuance of common stock in satisfaction of accounts payable 121,835
Exercise of common stock warrants 29  
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 55,959
Cash paid income taxes