Financials

v3.20.2
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 1,008,355 $ 2,783,719
Accounts receivable 161,233 143,429
Inventory, net 216,609 242,630
Current portion of mortgage note receivable 39,061 39,061
Prepaid insurance and services 71,151 137,069
Prepaid clinical expenses 591,676 612,161
Total current assets 2,088,085 3,958,069
FURNITURE AND EQUIPMENT, NET 60,437 13,546
RIGHT-TO-USE LEASE ASSET, NET 42,515 51,017
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 71,264 90,596
TOTAL ASSETS 2,262,301 4,113,228
CURRENT LIABILITIES    
Current portion of lease liability 16,968 16,385
Current portion of long-term debt 60,879
Accounts payable and accrued expenses 3,979,395 3,124,735
Total current liabilities 4,057,242 3,141,120
LONG-TERM LIABILITIES    
Long-term lease liability, less current portion 27,453 36,126
Long-term debt, less current portion 97,645
Total long-term liabilities 125,098 36,126
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 141,671,462 and 121,564,990 shares issued and outstanding, at June 30, 2020 and December 31, 2019 14,155 12,155
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized
Additional paid-in capital 28,012,423 26,044,060
Accumulated deficit (29,946,617) (25,120,233)
Total stockholders' equity (deficit) (1,920,039) 935,982
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 2,262,301 $ 4,113,228
v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES        
Product sales $ 209,594 $ 273,095 $ 535,328 $ 493,921
EXPENSES        
Personnel 433,628 311,077 903,333 721,076
Cost of products sold (exclusive of direct and indirect overhead and handling costs) 12,947 16,309 39,380 36,859
Research and development 1,713,435 786,811 3,773,041 2,129,574
Repairs and maintenance 1,311 1,299 3,113 2,983
Professional fees 143,427 246,276 362,963 461,251
Office and other 79,823 247,495 258,185 350,137
Board of Director fees and costs 21,367 31,611 28,716 64,696
Depreciation 3,118 1,485 6,236 2,969
Freight and shipping 1,169 1,016 3,032 2,450
Bad debt expense 1,272 1,272
Total operating expenses 2,411,497 1,643,379 5,379,271 3,771,995
LOSS FROM OPERATIONS (2,201,903) (1,370,284) (4,843,943) (3,278,074)
OTHER INCOME        
Investment and other income 9,511 2,273 17,559 5,897
LOSS BEFORE INCOME TAXES (2,192,392) (1,368,011) (4,826,384) (3,272,177)
PROVISION FOR INCOME TAXES
NET LOSS $ (2,192,392) $ (1,368,011) $ (4,826,384) $ (3,272,177)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.02) $ (0.01) $ (0.04) $ (0.03)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 136,676,101 101,013,435 129,120,546 95,886,380
v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES              
Net loss $ (2,192,392) $ (2,633,992) $ (1,368,011) $ (1,904,166) $ (4,826,384) $ (3,272,177) $ (7,533,000)
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation         6,236 2,969  
Accrued stock compensation to employees         4,810 13,100  
Accrued stock compensation to non-employees         9,250 54,830  
Increase or decrease in:              
Accounts receivable         (17,804) (74,066)  
Inventory         26,021 18,947  
Prepaid clinical expenses         20,485 (178,200)  
Prepaid insurance and services         65,918 (10,304)  
Other         412 864  
Accounts payable and accrued expenses         840,600 697,370  
Total adjustments         955,928 525,510  
NET CASH USED IN OPERATING ACTIVITIES         (3,870,456) (2,746,667)  
CASH FLOWS FROM INVESTING ACTIVITIES              
Purchases of furniture and equipment         (53,127) (1,324)  
Proceeds from mortgage note receivable         19,332 18,530  
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES         (33,795) 17,206  
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from PPP loan         158,524  
Collection of stock subscription receivable         130,062  
Net proceeds from sale of common and preferred stock and warrants, net of issue costs         1,970,363 6,989,600  
NET CASH PROVIDED BY FINANCING ACTIVITIES         2,128,887 7,119,662  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS         (1,775,364) 4,390,201  
CASH AND CASH EQUIVALENTS, beginning of period   $ 2,783,719   $ 2,217,412 2,783,719 2,217,412 2,217,412
CASH AND CASH EQUIVALENTS, end of period $ 1,008,355   $ 6,607,613   1,008,355 6,607,613 $ 2,783,719
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION              
Cash paid for interest          
Cash paid for income taxes          
NON-CASH INVESTING AND FINANCING ACTIVITIES              
Capitalization of right-to-use asset and lease liability         $ 60,383