v3.21.1
Consolidated Statements of Cash Flow - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (22,446,838) $ (17,372,651)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 231,058 205,964
Stock-based compensation expense 4,564,787 2,985,278
Loss on disposal of equipment 6,417
Amortization of operating lease right-of-use assets 484,568 452,054
Amortization of finance lease right-of-use assets 58,961 122,798
Amortization of bond discount 239,831 140
Realized gain on sale of marketable securities 8,485
Changes in operating assets and liabilities:    
Operating lease liabilities (423,741) (359,570)
Prepaid expenses and other current assets (611,397) (1,358,713)
Accounts payable (329,369) 383,657
Accrued expenses and other liabilities 855,819 842,560
Net cash used in operating activities (17,367,836) (14,092,066)
Cash flows from investing activities:    
Purchases of marketable securities (72,106,359) (5,605,654)
Proceeds from sales of marketable securities 31,445,156
Purchases of leasehold improvements and equipment (5,749) (405,604)
Net cash used in investing activities (40,666,952) (6,011,258)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 46,704,210 30,103,306
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 599,713 30,175
Payments of capital lease liability - principal (54,673) (81,715)
Payments of note payable (199,842)
Net cash provided by financing activities 48,046,831 29,851,924
Net (decrease)/increase in cash, cash equivalents and restricted cash (9,987,957) 9,748,600
Cash, cash equivalents and restricted cash at beginning of period 22,756,438 13,007,838
Cash, cash equivalents and restricted cash at end of period 12,768,481 22,756,438
Supplemental non-cash financing and investing activities:    
Unrealized gain (loss) on marketable securities 229,052 (880)
Cashless exercise of warrants 10,080
Stock dividends issued 682,800 2,234,429
Non-Cash prepaid from exercise of options 220,614
Preferred stock conversion into common stock - series B 188,100 210,742
Unearned restricted stock grants 68,521 58,525
Stock dividends accrual 1,174,285
Right-of-use assets obtained in exchange for liabilities 4,453,028
Preferred stock conversion into common stock - series A $ 5,583,686

Source