v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (11,849,873) $ (9,339,991)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,741,680 1,372,204
Depreciation 24,277 37,087
Non-cash lease expense 3,367
Inventory reserve (1,228)
Changes in operating assets and liabilities:    
Decrease (Increase) in trade receivables 72 (10,789)
Decrease in inventory 76,965 49,532
Decrease (Increase) in prepaid expenses and other current assets 265,019 (715,626)
(Decrease) Increase in accounts payable (184,681) 361,508
Decrease in accrued expenses (857,924) (473,014)
Decrease in deferred revenue (2,206)
Net cash used in operating activities (9,782,326) (8,721,295)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of short-term investments (7,595,280) (3,818,720)
Maturity of short-term investments 6,879,685 9,863,064
Purchase of equipment (18,698) (13,955)
Net cash (used in) provided by investing activities (734,293) 6,030,389
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock from at-the-market program, net 41,455,630 2,469,937
Proceeds from exercise of warrants 164,886 411,751
Payments of financing fees (47,024)
Proceeds from exercise of stock options 137,035
Net cash provided by financing activities 41,757,551 2,834,664
Foreign exchange effect on cash (4,500) 182
NET INCREASE IN CASH AND CASH EQUIVALENTS 31,236,432 143,940
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – BEGINNING OF PERIOD 42,096,783 16,525,187
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF PERIOD 73,333,215 16,669,127
Cash paid for interest 5,184 20,104
Supplemental Disclosure of Non-Cash Financing Activities:    
Conversion of Series G preferred stock to common stock 10
Conversion of Series C-3 preferred stock to common stock 50
Unrealized gain (loss) from investments (315) 8,221
Issuance of common stock for vested restricted stock units $ 2