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 ($)
 6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (16,228,512) $ (5,026,430)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 9,049,655 2,601,845
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 35,281 38,924
Loss on extinguishment of debt 197,600
Loss on exchange of notes payable for common stock and warrants 1,521,348
Amortization of debt discount 1,989,484 740,041
Non-cash expenses for placement agent 54,961
Change in fair value of warrant liability 738,456 (136,326)
Changes in operating assets and liabilities:    
Prepaid and other current assets (79,008) (17,566)
Account payable (111,534) 370,645
Accrued expenses (522,465) 255,403
Accrued interest 278,393 176,893
Net cash used in operating activities (2,794,232) (732,051)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (29,051) (26,603)
Net cash used in investing activities (29,051) (26,603)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock, net of fees 1,598,700
Proceeds from related party 31,000
Repayment of senior secured promissory note (200,000)
Proceeds from PPP loan 205,200
Repayment of notes payable (53,000)
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)
Change in cash overdraft 8,207
Net cash provided by financing activities 3,375,900 659,207
Net increase (decrease) in cash 552,617 (99,447)
Cash - beginning of period 48,307 99,447
Cash - end of period 600,924
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Unpaid deferred offering costs 155,311
Unpaid research and development license included in accounts payable 75,000 100,000
Beneficial conversion feature in connection with notes payable 618,657 27,918
Issuance of common stock in connection with conversion of notes 4,493,623  
Issuance of common stock in connection with notes payable 930,150 321,000
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 56,140
Cash paid income taxes