Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2019
Dec. 31, 2017
Cash flows from operating activities      
Net (loss) income $ 1,047,687 $ (6,558,450) $ (18,044,346)
Adjustments to reconcile net (loss) income to net cash used in operating activities      
Depreciation and amortization 14,603 64,787 38,137
Stock-based compensation 146,429 2,399,321 4,384,844
Unrealized loss on marketable securities to available for sale marketable securities 3,498,883
Change in fair value of warrant liabilities (3,493,664) 5,412,341
Change of management's assessment of prior year research and development to licensing right to use technology (200,000)
Adoption of ASU 2016-01 2,986
Amortization of beneficial conversion feature and debt discount related to convertible notes upon merger 1,045,633
Issuance cost related to warrants liability 457,250
Imputed interest on convertible notes and others 33,097
Issuance of common stock to finder upon the conversion of convertible notes 18,000
Changes in:      
Other current assets and prepaid expenses 49,567 (729,159) (31,252)
Accounts payable 173,347 322,633 141,583
Accrued expenses 312,495 276,757 (573,624)
Deferred revenue 2,263,294
Net cash provided by (used) in operating activities (1,749,536) 1,341,052 (7,118,337)
Cash flows from investing activities      
Purchase price paid for the merger (294,862)
Investment in available for sale marketable securities (9,403,543) (12,222,774) (2,000,000)
Proceeds from redemption of marketable securities 1,700,050 10,485,610 1,396,143
Purchase of property and equipment (1,000) (56,475) (244,461)
Net cash provided by (used in) investing activities (7,704,493) (1,793,639) (1,143,180)
Cash flows (used in) from financing activities      
Proceeds from the issuance of units consisting of common stock and warrants, net of offering cost 9,888,335
Purchase of treasury stock (25,000)
Maturity of loan and interest from related parties and others (418,000)
Proceeds from issuance of convertible notes, net of issuance cost 8,984,917
Issuance of common stock, net of offering cost 799,185
Proceeds from loan 292,250
Payment of loans (28,646) (41,828)
Proceeds from loan from related parties and others 56,957
Cash received for the exercise of stock options 8,701 1,199
Net cash provided by financing activities 8,984,917 1,071,490 9,461,663
Increase (decrease) in cash, cash equivalents and restricted cash (469,112) 618,903 1,200,346
Cash, cash equivalents and restricted cash at beginning of period 1,207,346 738,234 7,201
Cash, cash equivalents and restricted cash at end of period 738,234 1,357,137 1,207,346
Supplemental disclosure of non-cash investing activities:      
Conversion of convertible notes to common stock 3,955,000
Issuance cost related to warrants 250,000
Fair market value of options issued to NitricGen for the licensing right to use technology 295,000
Fair market value of stock to be issued to vendor $ 144,000