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 ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,012,186) $ (1,753,018)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 2,295 1,091
Stock based compensation 167,337 54,356
Changes in assets and liabilities:    
Prepaid expenses and other current assets (1,672,014) (25,950)
Accounts payable and accrued expenses 431,004 304,474
Net cash flows used in operating activities (4,083,564) (1,419,047)
INVESTING ACTIVITIES    
Purchase of property and equipment (11,145) (5,717)
Net cash flows used in investing activities (11,145) (5,717)
FINANCING ACTIVITIES    
Proceeds from issuance of common and preferred stock 26,250,000 2,920,507
Issuance costs (2,745,279)
Proceeds from stock option exercise 52,000
Borrowings from notes payable 169,049
Payments on notes payable (169,049)
Borrowings on PPP loan payable 108,500
Net cash flows provided by financing activities 23,665,221 2,920,507
CHANGE IN CASH FOR THE PERIOD 19,570,512 1,495,743
CASH, BEGINNING OF PERIOD 1,232,030 445,163
CASH, END OF PERIOD 20,802,542 1,940,906
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)