XML 16 R6.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,605,431) $ (3,403,281)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 940,374 537,528
Depreciation and amortization 82,016 23,840
Amortization of lease right-of-use asset 52,994 0
Change in lease liability 67,092 0
Changes in assets and liabilities:    
Other assets and prepaid expenses 15,964 (34,257)
Security deposit 0 3,394
Accounts payable and accrued expenses (123,722) 95,778
Net cash used in operating activities (4,570,713) (2,776,998)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant and equipment (109,541) (58,278)
Net cash used in investing activities (109,541) (58,278)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from private placement of stock, net of issuance costs 1,785,882 0
Proceeds from issuance of PPP note payable 368,780 0
Net cash provided by financing activities 2,154,662 0
Net decrease in cash and cash equivalents (2,525,592) (2,835,276)
Cash and cash equivalents, at the beginning of the period 3,122,134 6,553,768
Cash and cash equivalents, at the end of the period $ 596,542 $ 3,718,492