Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (505,488) $ 121,532
Adjustments to reconcile net (loss) income to net cash provided by (used in) operations:    
Depreciation 133 66
Loss on equity method investment 21,588
Stock based compensation expense for services 115,714
Amortization of stock option grants and restricted stock unit grants 34,579
Change in fair value of convertible bridge notes (250,188) (446,875)
Amortization of preferred stock discount 1,062
Amortization of debt issuance costs 1,250 (1,249)
Paid-in-kind interest - convertible bridge notes 138,938 68,125
Changes in operating assets and liabilities    
Increase in prepaid expenses and other current assets (3,387) (1,118)
Increase in accounts payable and accrued expenses 149,075 36,265
Increase in contract liabilities and license deposits 375,190
Net cash provided by (used in) operating activities 42,825 (187,613)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from notes payable - related parties, net of issuance costs 62,500
Net cash provided by financing activities 62,500
NET INCREASE (DECREASE) IN CASH 105,325 (187,613)
CASH - Beginning of period 160,035 298,673
CASH - End of period 265,360 111,060
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of income taxes
Payment of interest in cash 681
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrual of contractual dividends on Series A convertible preferred stock 8,877 13,644
Equity method investment in accounts payable and accrued expenses $ 21,588