Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net loss $ (7,623,140) $ (6,373,420)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 101,803 67,599
Noncash lease expense 21,863 24,345
Noncash interest expense 3,743 4,412
Noncash investor relations expense   66,767
Stock-based compensation 2,897,580 948,192
Change in fair value of common stock warrants 8,702 977,710
Change in fair value of contingent consideration 6,000 (27,000)
Unrealized loss on investments 146,313 34,224
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 73,814 (110,054)
Prepaid expenses and other current assets 123,908 (120,946)
Accounts payable (259,138) (308,381)
Deferred revenue (510,188) (901,510)
Accrued expenses and other liabilities 169,665 (348,737)
Other long-term liabilities 7,511 14,216
Deposits (18,422) 271,732
Net Cash Used in Operating Activities (4,849,986) (5,780,851)
Cash Flows from Investing Activities    
Purchase of short-term investments (38,202,476) (26,384)
Sale of short-term investments 37,998,617  
Purchase of property and equipment (363,398) (30,633)
Proceeds from disposal of property and equipment   2,168
Net Cash Used in Investing Activities (567,257) (54,849)
Cash Flows from Financing Activities    
Proceeds from public offering of common stock and warrants, net of issuance costs   6,600,970
Proceeds from the issuance of common stock, net of underwriting discounts and commissions 26,304,282 11,428,235
Proceeds from exercise of stock options 27,261  
Stock issuance costs (658,184) (452,934)
Repayments on principal of finance lease (30,171) (24,798)
Net Cash Provided by Financing Activities 25,643,188 17,551,473
Effect of exchange rate changes on cash and cash equivalents (1,088) (16,884)
Net Change in Cash and Cash Equivalents 20,224,857 11,698,889
Cash and Cash Equivalents – Beginning of Period 10,931,890 9,039,887
Cash and Cash Equivalents – End of Period 31,156,747 20,738,776
Supplemental Disclosure for Cash Flow Information:    
Tax obligation for employee share-based transaction in accrued liabilities $ 93,030  
Finance lease right-of-use assets obtained with lease liabilities   173,822
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable   160,250
Allocation of proceeds from public offering to warrant liabilities   2,494,823
Cashless exercise of warrants classified as liabilities   2,724,609
Cashless exchange of warrants classified as liabilities   $ 773,330