Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,310,698) $ (1,083,366)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,202 629
Stock based compensation 123,823 21,560
Changes in assets and liabilities:    
Prepaid expenses (69,987) (32,363)
Accounts payable and accrued expenses 61,742 224,418
Net cash flows used in operating activities (1,193,918) (869,122)
INVESTING ACTIVITIES    
Purchase of property and equipment (7,821)
Net cash flows used in investing activities (7,821)
FINANCING ACTIVITIES    
Proceeds from issuance of common and preferred stock 26,250,000 1,850,003
Issuance costs (2,745,279)
Proceeds from stock option exercise 52,000
Borrowings from notes payable 169,049
Payments on notes payable (66,218)
Borrowings on loan payable 108,500
Net cash flows provided by financing activities 23,768,052 1,850,003
CHANGE IN CASH FOR THE PERIOD 22,566,313 980,881
CASH, BEGINNING OF PERIOD 1,232,030 445,163
CASH, END OF PERIOD 23,798,343 1,426,044
Non-cash financing activities    
Conversion of SAFE agreements to Series A preferred stock 535,000
Application of deferred offering costs to initial public offering proceeds (456,437)
Amounts owed related to fractional shares adjustment, included in accounts payable and accrued expenses $ (261)