Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (26,381,389) $ (20,384,716)
Adjustments to reconcile net loss to net cash used in operating activities:    
Goodwill impairment loss 0 737,000
Depreciation and amortization 333,152 232,506
Noncash lease expense 95,600 39,116
Noncash interest expense 17,972 954
Loss on disposal of equipment   11,998
Noncash investor relations expense 66,767  
Stock-based compensation 6,377,857 3,269,948
Change in fair value of common stock warrants 1,012,167  
Change in fair value of contingent consideration 1,199,000 613,290
Unrealized gain on investments (44,871) (5,457)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (140,559) (6,472)
Prepaid expenses and other current assets (1,419,395) 540,789
Operating lease right-of-use asset   (590,210)
Accounts payable (452,778) 529,269
Deferred revenue (2,769,101) 2,377,780
Deferred tax liability   45,178
Accrued expenses and other liabilities (223,882) 8,518
Other long-term liabilities 36,243 (213,724)
Deposits 271,858 (43,417)
Net Cash Used in Operating Activities (22,021,359) (12,837,650)
Cash Flows from Investing Activities    
Purchase of short-term investments (105,925,802) (138,438)
Sale of short-term investments 10,842,157  
Purchase of property and equipment (337,972) (265,188)
Proceeds from disposal of property and equipment 2,168 109,630
Net Cash Used in Investing Activities (95,419,449) (293,996)
Cash Flows from Financing Activities    
Proceeds from public offering of common stock and warrants, net of issuance costs 6,600,971  
Proceeds from the issuance of common stock, net of underwriting discounts and commissions 117,373,495 18,898
Proceeds from exercise of stock options   2,120
Proceeds from exercise of warrants 675,675  
Stock issuance costs (3,103,833) (1,966)
Cash paid for fractional shares in connection with reverse stock split (97,052)  
Payment of contingent consideration (2,005,000)  
Proceeds from PPP loan 702,000  
Repayment of PPP loan (702,000)  
Repayments on principal of finance lease (115,199)  
Net Cash Provided by Financing Activities 119,329,057 19,052
Effect of exchange rate changes on cash and cash equivalents 3,754 (1,770)
Net Change in Cash and Cash Equivalents 1,892,003 (13,114,364)
Cash and Cash Equivalents – Beginning of Period 9,039,887 22,154,251
Cash and Cash Equivalents – End of Period 10,931,890 9,039,887
Supplemental Disclosure for Cash Flow Information:    
Operating lease right-of-use assets obtained with lease liabilities 75,244 1,945,617
Finance lease right-of-use assets obtained with lease liabilities 173,822 $ 192,783
Supplemental disclosure of non-cash investing and financing activities:    
Allocation of proceeds from public offering to warrant liabilities 2,494,823  
Cashless exercise of warrants classified as liabilities 2,766,647  
Cashless exchange of warrants classified as liabilities $ 773,330