Financials

v3.21.2
Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 25,716,977 $ 3,157,256
Accounts receivable, net 132,371 170,287
Prepayments and other current assets 135,835 118,883
Total current assets 25,985,183 3,446,426
Property and equipment, net 58,576 37,125
Intangible assets, net 2,048,537 1,568,903
Right of use asset 335,211 79,719
Other assets 11,189  
Total assets 28,438,696 5,132,173
Current liabilities:    
Accounts payable 159,107 101,984
Accrued expenses 546,071 475,487
Current portion of lease liability 37,393 82,055
Total current liabilities 742,571 659,526
Long-term debt   91,407
Long-term lease liability 297,883  
Other long-term liabilities 951,717 552,031
Total liabilities 1,992,171 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 June 30, 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 103,700,516 78,974,964
Treasury stock, at cost, 1,321 shares at June 30, 2021 and December 31, 2020 (13,210) (13,210)
Accumulated deficit (77,246,654) (75,135,811)
Total stockholders' equity 26,446,525 3,829,209
Total liabilities and stockholders' equity $ 28,438,696 $ 5,132,173

Source

v3.21.2
Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statements of Operations        
Grant revenue $ 84,705 $ 6,515 $ 326,766 $ 6,515
Cost of grant revenue 84,705 6,515 326,766 6,515
Gross profit     0 0
Operating expenses:        
Research and development 560,693 316,325 821,573 666,989
General and administrative 603,518 515,878 1,204,204 1,095,648
Sales and marketing 112,033   174,611 0
Total operating expenses 1,276,244 832,203 2,200,388 1,762,637
Loss from operations (1,276,244) (832,203) (2,200,388) (1,762,637)
Other expenses:        
Interest expense, net 1,856 1,055 1,862 1,122
Gain on loan forgiveness (91,407)   (91,407) 0
Total other expenses (89,551) 1,055 (89,545) 1,122
Net loss $ (1,186,693) $ (833,258) $ (2,110,843) $ (1,763,759)
Net loss per share - basic and fully diluted $ (0.19) $ (0.28) $ (0.37) $ (0.59)
Weighted average number of shares outstanding - basic and fully diluted (in shares) 6,125,874 2,998,350 5,737,109 2,983,372

Source

v3.21.2
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (2,110,843) $ (1,763,759)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 70,343 57,248
Write-off of capitalized patents 528 18,235
Stock-based compensation 153,644 226,168
Stock issued for services 68,680 50,000
Gain on loan forgiveness (91,407) 0
Decrease (increase) in operating assets:    
Accounts receivable 37,916 6,515
Prepaid expenses and other assets (57,663) 35,715
Increase (decrease) in operating liabilities:    
Accounts payable 57,123 (135,623)
Accrued expenses 70,584 8,144
Net cash used in operating activities (1,801,095) (1,497,357)
Cash flows from investing activities:    
Purchase of property and equipment (32,919) (10,678)
Acquisition of intangible assets (112,100) (23,288)
Net cash used in investing activities (145,019) (33,966)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 21,204,609 0
Exercise of options and warrants 3,301,226 175,816
Proceeds from loans 0 91,407
Net cash provided by financing activities 24,505,835 267,223
Net increase (decrease) in cash and cash equivalents 22,559,721 (1,264,100)
Cash and cash equivalents at beginning of year 3,157,256 3,057,682
Cash and cash equivalents at end of year $ 25,716,977 $ 1,793,582

Source