v3.19.3.a.u2
Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Acitivites    
Net loss $ (1,349,863) $ (760,386)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation 286,778 58,724
Common stock issued for services 105,430 7,500
SAFE agreement accrued expenses 0 54,454
Amortization of debt discount 18,082 14,745
Deferred financing costs 102,225 0
Depreciation 865 0
Changes in operating assets and liabilities    
Prepaid expenses (423,355) 51,651
Accounts payable 150,270 48,295
Accounts payable - related party 9,206 (15,000)
Accrued expenses 22,470 (16,875)
Net cash used in operating activities (1,077,892) (556,892)
Cash Flows from Investing Activities:    
Purchase of property, plants and equipment (8,377) 0
Net cash used in investing activities (8,377) 0
Cash Flows from Financing Activities:    
Payment of deferred issuance cost (41,525) (101,200)
Proceeds from convertible debt 0 300,000
Payment of placement agent fee 0 (21,000)
Payments on notes payable (35,000) 0
Proceeds from SAFE agreements 0 586,675
Proceeds from common stock issuance 1,507,169 390,500
Net cash provided by financing activities 1,430,644 1,154,975
Net change in cash and cash equivalents and restricted cash 344,375 598,083
Cash and cash equivalents and restricted cash, at beginning of period 555,133 110,543
Cash and cash equivalents and restricted cash, at end of period 899,508 708,626
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,993 0
Cash paid for income taxes 0 0
Non-cash transactions    
Placement agent warrants issued with convertible notes payable $ 0 $ 15,163

Source