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 ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,584,063) $ (1,078,188)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 19,378 19,171
Amortization of discount on royalty obligation 115,334 118,554
Amortization of right-of-use asset 25,291 23,082
Stock based compensation 58,254 117,604
Gain on forgiveness of debt (28,229) 0
Changes in operating assets and liabilities:    
Accounts receivable 500 750
Other receivable 224,879 186,668
Prepaid expenses 68,920 (1,334,420)
Accounts payable and accrued expenses 269,395 425,900
Lease liability (25,563) (18,534)
Deferred revenue (36,975) (28,645)
Deferred revenue-grant (37,210) 893,050
Net cash used in operating activities (930,089) (675,009)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (2,017) 0
Net cash used in investing activities (2,017) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from common stock subscription and royalty agreement 2,250,000 0
Net cash provided by financing activities 2,250,000 0
Net increase (decrease) in cash 1,317,894 (675,009)
Cash, beginning of the period 592,053 2,645,852
Cash, end of period 1,909,947 1,970,843
Supplemental disclosures of cash flow information:    
Interest paid 0 0
Taxes paid 0 0
Non cash financing activities:    
PPP loan forgiveness $ 28,000 $ 0