Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (1,585,400) $ (1,462,444)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,848 6,301
Amortization of intangible assets 72,561 72,562
Bad debt expense (benefit) (54,000)
Amortization of deferred license costs 20,393
Interest income on long-term note receivable (11,096)
Stock-based compensation 168,514 339,361
Changes in operating assets and liabilities:    
Accounts receivable (483,067) 351,820
Contract assets 94,185 239,524
Prepaid expenses and other current assets (203,096) 756,393
Accounts payable and accrued expenses (235,858) (846,261)
Contract liabilities (20,106) (1,150,458)
Net cash used in operating activities (2,181,122) (1,747,202)
Cash flows provided by investing activities:    
Advances in note receivable 650,000
Net cash used in investing activities (650,000)
Cash flows from financing activities:    
Proceeds from public stock offering, net of issuance costs 17,118,480 552,709
Proceeds from long-term note payable 200,000
Settlement of common stock from reverse stock split (122)
Net cash provided by financing activities 17,318,358 552,709
Net decrease in cash and cash equivalents 14,487,236 (1,194,493)
Cash and cash equivalents - beginning of period 1,625,671 1,368,395
Cash and cash equivalents - end of period 16,112,907 173,902
Supplemental disclosure of non-cash operating activities:    
Non-cash conversion of interest expense of long-term debt 200,000
Non-cash conversion of long-term debt 6,263
Non-cash conversion of accrued salary to restricted stock units 108,629
Total non-cash operating activities $ 206,263 $ 108,629