XML 16 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (3,632,547) $ (2,025,083)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation expense 249
Stock based compensation 1,300,590 1,243,151
Change in fair value of the derivative liability (83,670) (141,907)
Amortization of debt discount 378,293 104,169
Modification of warrants 5,861
Changes in operating assets and liabilities    
Prepaid expenses (594,260) 29,949
Accounts payable and accrued expenses 238,069 (244,300)
NET CASH USED IN OPERATING ACTIVITIES (2,393,525) (1,027,911)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of marketable securities (10,395,547)
NET CASH USED IN INVESTING ACTIVITIES (10,395,547)
CASH FLOWS FROM FINANCING ACTIVITIES    
Exercise of warrants for cash 327,125
Exercise of options for cash 542,500
Issuance of shares and warrants from offering, net of offering costs 11,708,039
Proceeds from notes payable 100,000
Repayment of notes payable (100,000)
Debt discount from issuance costs paid on PIK convertible notes (104,090)
Proceeds from PIK convertible notes 1,177,500
Proceeds from PIK convertible notes - related party 150,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 12,577,664 1,223,410
Effect of exchange rate on cash 432 (5,548)
NET INCREASE (DECREASE) IN CASH (210,976) 189,951
CASH, BEGINNING OF THE PERIOD 671,091 798,623
CASH, END OF THE PERIOD 460,115 988,574
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest expense
Cash paid for income taxes
NONCASH FINANCING AND INVESTING TRANSACTIONS    
Shares issued for conversion of notes and interest 1,275,420
Debt discount from beneficial conversion feature 104,204
Debt discount from warrants issued to placement agents 192,162
Issuance of options for settlement of accrued payroll 93,950
Unrealized loss on marketable securities $ 974