XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net loss $ (4,259,546) $ (10,358,097)
Adjustments to reconcile net loss to cash used in operating activities:    
Amortization and depreciation 17,739 35,448
Non-cash lease expense 56,698 66,298
Share-based compensation 175,426 144,694
Issuance of common stock for milestone   5,000,000
Issuance of common stock for services   59,000
Amortization of deferred issuance costs associated with convertible debt 20,986  
Gain on forgiveness of PPP loan (421,584)  
Change in operating assets and liabilities:    
Contracts and grants receivable 86,094 684,048
Prepaid expenses and other current assets 76,879 434,877
Research and development incentives receivable 306,651 19,754
Operating lease liability (56,698) (67,004)
Accounts payable and accrued expenses (838,749) (136,035)
Accrued compensation (808,043) (221,513)
Total adjustments (1,384,601) 6,019,567
Net cash used in operating activities (5,644,147) (4,338,530)
Investing activities:    
Purchases of office furniture and equipment   (7,147)
Net cash used in investing activities   (7,147)
Financing activities:    
Proceeds from issuance of common stock pursuant to FBR At Market Issuance Sales Agreement 16,490,329 9,459,949
Costs associated with FBR At Market Issuance Sales Agreement (496,450) (425,915)
Proceeds from the exercise of warrants 51 685,384
Costs associated with issuance of convertible debt (45,512)  
Proceeds from paycheck protection program   417,830
Principal repayment - financing lease (4,048) (3,664)
Net cash provided by financing activities 15,944,370 10,133,584
Effect of exchange rate on cash and cash equivalents 3,083 (40,310)
Net increase in cash and cash equivalents 10,303,306 5,747,597
Cash and cash equivalents at beginning of period 18,676,663 5,420,708
Cash and cash equivalents at end of period 28,979,969 11,168,305
Supplemental information:    
Cash paid for state income taxes 7,382  
Cash paid for interest 444,814  
Cash paid for lease liabilities:    
Operating lease 66,650 71,298
Financing lease 4,272 4,272
Non-cash activities:    
Deferred issuance cost in accounts payable   85,657
Deferred issuance cost reclassified to additional-paid-in capital $ 47,727 85,266
Issuance of stock options, cash exercise price received in December 2019   $ 1,882