XML 53 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flow - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating activities:    
Net loss $ (11,799,379) $ (18,369,810)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 97,915 110,371
Stock-based compensation expense 515,762 1,221,591
Common stock issued for advisory services 50,000
Change in deferred income taxes 332,885 (437,289)
Goodwill impairment 6,929,258
Changes in operating assets and liabilities:    
Prepaid expenses, deposits and other assets 426,774 (1,102)
Accounts payable, accrued expenses and other liabilities 567,668 (275,835)
Net cash used in operating activities (9,858,375) (10,772,816)
Cash flows provided by financing activities:    
Proceeds from sale of common stock, pre-funded warrants and warrants 12,318,956 10,846,062
Proceeds from the exercise of common stock warrants and pre-funded warrants 3,888,425
Repayment of convertible debt (550,000)
Payment of offering costs (162,829) (428,542)
Net cash provided by financing activities 16,044,552 9,867,520
Net increase (decrease) in cash and cash equivalents 6,186,177 (905,296)
Cash and cash equivalents at beginning of year 7,991,172 8,896,468
Cash and cash equivalents at end of year 14,177,349 7,991,172
Supplemental disclosure of cash flow information:    
Cash paid for interest 40,142
Supplemental disclosure of non-cash investing and financing activities:    
Offering costs in accounts payable and accrued expenses 238,232
Operating lease right of use asset and liability 334,205
Reclassification of accrued dividends related to the issuance of common stock to Series A convertible preferred stock holders 1,148,307
Series A cumulative preferred dividends $ 85,993