v3.21.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (9,747,425) $ (10,656,445)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 117,202 115,433
Stock based compensation expense 2,156,941 2,391,694
Amortization of operating lease right-of-use assets 242,485 237,909
Amortization of finance lease right-of-use assets 20,656 41,678
Amortization of bond discount 108,562
Changes in operating assets and liabilities:    
Operating lease liabilities (220,822) (200,762)
Prepaid expenses and other current assets 1,738,706 861,530
Accounts payable 100,520 (184,733)
Accrued expenses and other liabilities (32,593) (439,630)
Net cash used in operating activities (5,515,768) (7,833,326)
Cash flows from investing activities:    
Purchase of marketable securities (7,129,348) (67,670,491)
Proceeds from sales of marketable securities 23,600,000 20,700,000
Purchases of leasehold improvements and equipment (5,749)
Net cash provided by/(used in) investing activities 16,470,652 (46,976,240)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 5,580,471 46,639,210
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 1,400,658 42,500
Payments of capital lease liability - principal (16,135) (36,235)
Net cash provided by financing activities 6,964,994 47,443,056
Net increase/(decrease) in cash, cash equivalents and restricted cash 17,919,878 (7,366,510)
Cash, cash equivalents and restricted cash at beginning of period 12,768,481 22,756,438
Cash, cash equivalents and restricted cash at end of period 30,688,359 15,389,928
Supplemental non-cash financing and investing activities:    
Unrealized (loss)/gains on securities for sale (176,929) 478,584
Preferred stock conversion into common stock - Series B 3,797,705 21,771
Unearned restricted stock grants 27,858 73,490
Cashless exercise of warrants 441,189
Stock dividends issued 843,600 682,800
Deferred financing costs included in accrued expenses and other liabilities $ 65,000

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