Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,601,839) $ (4,845,268)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 57,506 12,079
Amortization of discount on royalty obligation 358,882 237,108
Bad debt expense 0 2,400
Amortization of debt discount 0 783,650
Amortization of right-of-use asset 64,729 50,870
Loss on sale of fixed assets 0 1,902
Interest expense paid with common stock 0 21,000
Gain on forgiven of debt (5,000) 0
Stock based compensation 257,236 1,835,916
Changes in operating assets and liabilities:    
Accounts receivable 750 4,000
Other receivable 41,332 0
Prepaid expenses (251,913) (215,543)
Accounts payable and accrued expenses 44,250 308,233
Deposits (2,584) (40,370)
Lease liability (59,015) (48,531)
Deferred revenue (84,900) (155,411)
Deferred revenue-grant 370,023 0
Net cash used in operating activities (1,810,543) (2,047,965)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (6,400) (67,625)
Proceeds from sale of property and equipment 0 800
Net cash used in investing activities (6,400) (66,825)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 0 100,000
Proceeds from common stock subscription and royalty agreement 0 6,000,000
Advances from SBA 5,000 0
Proceeds from EIDL loan 74,300 0
Proceeds from PPP loan 28,000 0
Repayment of notes payable 0 (675,000)
Net cash provided by financing activities 107,300 5,425,000
Net (decrease) increase in cash (1,709,643) 3,310,210
Cash, beginning of the period 2,645,852 279,772
Cash, end of period 936,209 3,589,982
Supplemental disclosures of cash flow information:    
Interest paid 0 61,397
Taxes paid 0 0
Non cash financing activities:    
Record right to use assets upon adoption of ASC 842 0 307,414
Record lease liability upon adoption of ASC 842 0 341,325
Recognition of right to use assets 120,346 0
Recognition of lease liability 120,346 0
Common stock issued in connection with conversion of notes payable $ 0 $ 4,160,000