Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.20.4
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (20,081,908) $ (7,301,685)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 10,662,994 3,713,956
Issuance of common stock to consultants 302,109 240,000
Issuance of common stock and warrants in connection with cancellation of consulting agreement 264,520
Depreciation and amortization 56,709 57,893
Loss on extinguishment of debt 452,646
Loss on exchange of notes payable for common stock and warrants 1,521,348
Amortization of debt discount 2,255,845 976,662
Non-cash expenses for placement agent 54,961
Change in fair value of warrant liability 1,337,355 (136,326)
Chang in fair value of derivative liability (38,771)
Bad debt expense 24,788
Changes in operating assets and liabilities:    
Prepaid and other current assets (188,733) 28,682
Account payable 120,067 652,054
Accrued expenses (408,887) 467,957
Accrued interest 348,852 249,694
Net cash used in operating activities (3,605,413) (761,805)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (81,964) (26,603)
Purchase of research and development license (25,000)  
Net cash used in investing activities (106,964) (26,603)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock, net of fees 1,598,700
Proceeds from related party non-interest bearing advance 25,000 48,741
Repayment of senior secured promissory note (200,000)
Proceeds from PPP loan 205,200
Repayment of related party non-interest bearing advance (49,741)
Repayment of notes payable (53,000)
Proceeds from issuance of senior secured convertible notes and common stock warrants 2,676,000 638,500
Common stock repurchased and subsequently canceled (450,000)
Payment of financing costs (52,480)  
Change in cash overdraft 1,720
Net cash provided by financing activities 3,699,679 688,961
Net decrease in cash (12,698) (99,447)
Cash - beginning of period 48,307 99,447
Cash - end of period 35,609
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Unpaid deferred offering costs 181,051
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 1,133,650 321,000
Issuance of common stock in satisfaction of accounts payable 121,835
Exercise of common stock warrants 10
Canceled restricted stock awards 200
Reclassification of warrant liabilities 2,061,288
Issuance of common stock warrants 263,328
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 60,201
Cash paid income taxes