Financials

v3.20.2
Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 3,769,225 $ 3,057,682
Accounts receivable, net 28,623  
Prepayments and other current assets 138,436 248,148
Total current assets 3,936,284 3,305,830
Property and equipment, net 41,797 47,302
Intangible assets, net 1,583,523 1,634,378
Right of use asset 126,257 260,310
Other assets 0 17,920
Total assets 5,687,861 5,265,740
Current liabilities:    
Accounts payable 66,710 182,956
Accrued expenses 383,374 319,135
Current portion of lease liability 129,995 183,119
Total current liabilities 580,079 685,210
Long-term debt 91,407  
Long-term lease liability 0 82,055
Other long-term liabilities 607,974 609,242
Total liabilities 1,279,460 1,376,507
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized; 2,976,709 shares issued and 2,975,388 shares outstanding at September 30, 2020, and 2,101,272 shares issued and 2,099,951 shares outstanding at December 31, 2019, respectively 2,977 2,101
Additional paid-in capital 78,419,046 71,242,256
Treasury stock, at cost, 1,321 shares at September 30, 2020 and December 31, 2019 (13,210) (13,210)
Accumulated deficit (74,000,412) (67,341,914)
Total stockholders' equity 4,408,401 3,889,233
Total liabilities and stockholders' equity $ 5,687,861 $ 5,265,740

Source

v3.20.2
Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statements of Operations        
Revenue, Product and Service [Extensible List] us-gaap:GrantMember us-gaap:GrantMember us-gaap:GrantMember us-gaap:GrantMember
Grant revenue $ 147,787 $ 0 $ 154,302 $ 0
Cost, Product and Service [Extensible List] us-gaap:GrantMember us-gaap:GrantMember us-gaap:GrantMember us-gaap:GrantMember
Cost of grant revenue $ 147,787   $ 154,302  
Gross profit 0 $ 0 0 $ 0
Operating expenses:        
Research and development 494,548 250,773 1,161,537 804,741
General and administrative 677,967 471,272 1,773,615 1,520,325
Total operating expenses 1,172,515 722,045 2,935,152 2,325,066
Loss from continuing operations before interest (1,172,515) (722,045) (2,935,152) (2,325,066)
Other expenses:        
Interest expense, net 1,358 2,763 2,480 3,072
Warrant inducement expense 3,720,866 0 3,720,866 0
Total other expenses 3,722,224 2,763 3,723,346 3,072
Loss from continuing operations (4,894,739) (724,808) (6,658,498) (2,328,138)
Loss from discontinued operations 0 (78,796) 0 (768,047)
Loss on sale of discontinued operations 0 (9,107) 0 (9,107)
Net loss $ (4,894,739) $ (812,711) $ (6,658,498) $ (3,105,292)
Loss from continuing operations per share - basic and fully diluted (in dollars per share) $ (1.28) $ (0.49) $ (2.04) $ (1.60)
Loss from discontinued operations per share - basic and fully diluted (in dollars per share) 0.00 (0.06) 0.00 (0.53)
Net loss per share - basic and fully diluted $ (1.28) $ (0.55) $ (2.04) $ (2.13)
Weighted average number of shares outstanding - basic and fully diluted (in shares) 3,821,717 1,474,001 3,264,860 1,460,507

Source

v3.20.2
Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Loss from continuing operations $ (6,658,498) $ (2,328,138)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 86,368 82,913
Write-off of capitalized patents 18,235 0
Stock-based compensation 434,782 156,882
Stock issued for services 50,000 0
Warrant inducement expense 3,720,866 0
Decrease in operating assets:    
Accounts receivable (28,623) 0
Prepayments and other current assets 127,632 204,530
Increase (decrease) in operating liabilities:    
Accounts payable (116,246) 1,337
Accrued expenses 61,845 6,336
Net cash used in operating activities (2,303,639) (1,876,140)
Net cash used in operating activities - discontinued operations 0 (557,096)
Cash flows from investing activities:    
Purchase of property and equipment (12,407) (4,253)
Acquisition of intangible assets (35,836) (74,342)
Net cash used in investing activities (48,243) (78,595)
Net cash provided by investing activities - discontinued operations 0 23,587
Cash flows from financing activities:    
Proceeds from loans 91,407 0
Proceeds from the exercise of warrants 2,972,018 0
Net cash provided by financing activities 3,063,425 0
Net increase (decrease) in cash and cash equivalents - continuing operations 711,543 (1,954,735)
Net decrease in cash and cash equivalents - discontinued operations 0 (533,509)
Cash and cash equivalents at beginning of period 3,057,682 3,258,077
Cash and cash equivalents at end of period $ 3,769,225 $ 769,833

Source