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LIQUIDITY AND CAPITAL RESOURCES | 3 Months Ended
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Mar. 31, 2021
LIQUIDITY AND CAPITAL RESOURCES [Abstract] |
LIQUIDITY AND CAPITAL RESOURCES |
NOTE 2 | LIQUIDITY AND CAPITAL RESOURCES
The accompanying financial statements have been prepared assuming that it will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company has incurred significant operating losses and has an accumulated deficit as a result of ongoing efforts to develop product candidates, including conducting clinical trials and providing general and administrative support for these operations. As of March 31, 2021, the Company had a cash balance of $8,409,938 and an accumulated deficit of $55,083,075 (inclusive of a non-cash gain of $820,000 relating to change in fair value of contingent consideration and $9,598,173 relating to loss on sale of NTN assets). During the three months ended March 31, 2021, the Company incurred a net loss of $17,702,334 and used cash in operations of $3,429,927. On April 26, 2021, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), which provides that the Company may offer to Lincoln Park up to an aggregate of $20,000,000 of the Company’s common shares over a 36-month period commencing after the date that a registration statement covering the resale of shares of common stock issued under the Purchase Agreement is declared effective by the Securities and Exchange Commission (the “SEC”). The registration statement was declared effective by the SEC on May 10, 2021 (the “Commencement Date”). As of May 14, 2021, we had issued and sold an aggregate of 302,358 shares of common stock to Lincoln Park pursuant to the Purchase Agreement, resulting in gross proceeds of $6.3 million. The Company believes its existing cash resources and excess to additional cash under the Purchase Agreement are sufficient to fund its current operating plan for at least the next 12 months from the date financial statements were issued.

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- Definition The entire disclosure of liquidity and resource matters when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). going concern. + References No definition available. + Details
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