XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (2,751,080) $ (535,603)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of deferred financing fees 129 445
Amortization of debt discount 396 1,454
Share-based compensation expense 1,111,272 8,859
Change in fair value of derivative liability 26,500 26,500
Changes in assets and liabilities:    
Grants receivable 535,854  
Prepaid expenses and other current assets (228,146) (29,099)
Accounts payable (913,071) (68,425)
Accrued expenses (64,065) 216,537
Net cash used in operating activities (2,282,211) (379,332)
Cash flows from financing activities:    
Proceeds from initial public offering of common stock, net of offering costs 12,034,406  
Proceeds from issuance of convertible promissory notes   530,000
Payment from exercise of stock options 9,217  
Payment of deferred offering cost   (73,128)
Payment of deferred financing fees   (8,301)
Net cash provided by financing activities 12,043,623 448,571
Net increase in cash 9,761,412 69,239
Cash and cash equivalents, beginning of period 1,858 35,312
Cash and cash equivalents, end of period 9,763,270 104,551
Supplemental disclosure of cash flow information    
Deferred offering costs in accounts payable and accrued expenses   77,996
Deferred financing fees in accounts payable and accrued expenses   $ 321
Conversion of redeemable convertible preferred stock to common stock 7,076,952  
Conversion of convertible promissory notes, including embedded derivative, to common stock $ 672,524