Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.20.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Acitivites    
Net loss $ (3,877,211) $ (7,391,899)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation 477,096 110,240
Common stock issued for services 150,000 0
Amortization of debt discount 18,082 18,082
Deferred financing costs 102,225 0
Depreciation 1,955 0
Loss on change in fair value of SAFE agreements 0 122,120
SAFE agreement expenses 0 54,454
Loss on settlement of convertible notes payable 0 6,286,841
Changes in operating assets and liabilities    
Prepaid expenses (619,622) 18,651
Accounts payable 108,570 85,574
Accounts payable - related party 45,039 (14,206)
Accrued expenses 40,394 (6,242)
Net cash used in operating activities (3,553,472) (716,385)
Cash Flows from Investing Activities:    
Purchase of furniture and equipment (20,120) 0
Net cash used in investing activities (20,120) 0
Cash Flows from Financing Activities:    
Proceeds from convertible notes payable 0 300,000
Payment of placement agent fee 0 (21,000)
Payments of deferred issuance costs 0 (95,200)
Payments on notes payable (35,000) 0
Proceeds from SAFE agreements 0 586,675
Proceeds from sale of common stock 10,294,747 390,500
Net cash provided by financing activities 10,259,747 1,160,975
Net change in cash, cash equivalents and restricted cash 6,686,155 444,590
Cash, cash equivalents and restricted cash, at beginning of period 555,133 110,543
Cash, cash equivalents and restricted cash, at end of period 7,241,288 555,133
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,993 0
Cash paid for income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of SAFE agreements 763,249 0
Common stock and warrants issued for extinguishment of convertible notes payable and accrued interest 342,493 98,389
Placement agent warrants issued with convertible notes payable $ 0 $ 15,163