Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,645,968) $ (1,816,667)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 38,719 38,337
Amortization of discount on royalty obligation 233,888 237,108
Amortization of right-of-use asset 51,097 42,572
Stock based compensation 114,940 186,233
Gain on forgiveness of debt (28,229) 0
Changes in operating assets and liabilities:    
Accounts receivable 500 750
Grant receivable 224,879 186,668
Prepaid expenses 37,744 (1,051,988)
Accounts payable and accrued expenses (132,991) (94,830)
Deposits 0 (2,584)
Lease liability (51,641) (37,441)
Deferred revenue (45,696) (55,941)
Deferred revenue-grant (65,560) 1,153,017
Net cash used in operating activities (2,268,318) (1,214,766)
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
Advances from SBA 0 5,000
Proceeds from PPP loan 131,440 28,000
Net cash provided by financing activities 2,381,440 33,000
Net increase (decrease) in cash 111,105 (1,181,766)
Cash, beginning of the period 592,053 2,645,852
Cash, end of period 703,158 1,464,086
Supplemental disclosures of cash flow information:    
Interest paid 0 0
Taxes paid $ 0 $ 0

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