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 ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,816,667) $ (3,811,437)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 38,337 5,534
Amortization of discount on royalty obligation 237,108 115,334
Bad debt expense 0 2,400
Amortization of debt discount 0 764,222
Amortization of right-of-use asset 42,572 15,302
Accretion of lease liability 0 6,164
Interest expense paid with common stock 0 21,000
Lease non-cash expense 0 15,251
Stock based compensation 186,233 1,801,579
Changes in operating assets and liabilities:    
Accounts receivable 750 5,600
Other receivable 186,668 0
Prepaid expenses (1,051,988) (30,017)
Accounts payable and accrued expenses (94,830) (18,381)
Deposits (2,584) 0
Lease liability (37,441) 0
Deferred revenue (55,941) (117,000)
Deferred revenue-grant 1,153,017 0
Net cash used in operating activities (1,214,766) (1,224,449)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment 0 (67,626)
Net cash used in investing activities 0 (67,626)
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 PPP loan 28,000 0
Repayment of notes payable 0 (275,000)
Net cash provided by financing activities 33,000 5,825,000
Net increase (decrease) in cash (1,181,766) 4,532,925
Cash, beginning of the period 2,645,852 279,772
Cash, end of period 1,464,086 4,812,697
Supplemental disclosures of cash flow information:    
Interest paid 0 32,000
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