Financials

v3.21.1
Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 26,789,017 $ 3,157,256
Accounts receivable, net 125,887 170,287
Prepayments and other current assets 172,913 118,883
Total current assets 27,087,817 3,446,426
Property and equipment, net 32,770 37,125
Intangible assets, net 2,001,417 1,568,903
Right of use asset 32,215 79,719
Other assets 11,189  
Total assets 29,165,408 5,132,173
Current liabilities:    
Accounts payable 107,290 101,984
Accrued expenses 448,029 475,487
Current portion of lease liability 33,149 82,055
Total current liabilities 588,468 659,526
Long-term debt 91,407 91,407
Other long-term liabilities 944,026 552,031
Total liabilities 1,623,901 1,302,964
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,873,367 shares issued and 5,872,046 shares outstanding at March 31, 2021 and 3,265,740 shares issued and 3,264,419 shares outstanding at December 31, 2020 5,873 3,266
Additional paid-in capital 103,608,805 78,974,964
Treasury stock, at cost, 1,321 shares at March 31, 2021 and December 31, 2020 (13,210) (13,210)
Accumulated deficit (76,059,961) (75,135,811)
Total stockholders' equity 27,541,507 3,829,209
Total liabilities and stockholders' equity $ 29,165,408 $ 5,132,173

Source

v3.21.1
Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statements of Operations    
Grant revenue $ 242,061 $ 0
Cost of grant revenue 242,061 0
Gross profit 0 0
Operating expenses:    
Research and development 260,880 350,664
General and administrative 600,686 579,770
Sales and marketing 62,578 0
Total operating expenses 924,144 930,434
Loss from operations (924,144) (930,434)
Other expenses:    
Interest expense, net 6 67
Net loss $ (924,150) $ (930,501)
Net loss per share - basic and fully diluted $ (0.17) $ (0.31)
Weighted average number of shares outstanding - basic and fully diluted (in shares) 5,344,025 2,968,394

Source

v3.21.1
Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (924,150) $ (930,501)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 29,515 28,113
Write-off of capitalized patents 0 17,344
Stock-based compensation 61,933 116,497
Stock issued for services 68,680 0
Decrease (increase) in operating assets:    
Accounts receivable 44,400 0
Prepaid expenses and other assets (17,715) (5,754)
Increase (decrease) in operating liabilities:    
Accounts payable 5,306 (44,036)
Accrued expenses (111,306) 4,710
Net cash used in operating activities (843,337) (813,627)
Cash flows from investing activities:    
Purchase of property and equipment (1,462) (10,678)
Acquisition of intangible assets (29,275) (13,385)
Net cash used in investing activities (30,737) (24,063)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 21,204,609 0
Exercise of options and warrants 3,301,226 0
Net cash provided by financing activities 24,505,835 0
Net increase (decrease) in cash and cash equivalents 23,631,761 (837,690)
Cash and cash equivalents at beginning of year 3,157,256 3,057,682
Cash and cash equivalents at end of year $ 26,789,017 $ 2,219,992

Source