Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (2,440,343) $ (2,133,128)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense included in - General and administrative costs 314,631 785,612
Stock-based compensation expense included in - Research and development costs 434,024
(Increase) decrease in -    
Accrued interest receivable (14,367)
Prepaid expenses and other current assets 4,924 (1,409)
Increase (decrease) in -    
Accounts payable and accrued expenses (51,662) (116,823)
Research and development contract liabilities 78,645 (45,286)
Net cash used in operating activities (1,674,148) (1,511,034)
Cash flows from financing activities:    
Exercise of common stock options 3,000
Proceeds from sale of common stock and common stock units 4,500,000
Costs incurred in connection with the sale of common stock units (24,702)
Net cash provided by financing activities 4,478,298
Cash:    
Net increase (decrease) (1,674,148) 2,967,264
Balance at beginning of period 4,273,012 1,305,748
Balance at end of period 2,598,864 4,273,012
Supplemental disclosures of cash flow information:    
Interest
Income taxes