Financials

v3.20.2
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 2,237,624 $ 2,783,719
Accounts receivable 85,504 143,429
Inventory, net 421,324 242,630
Current portion of mortgage note receivable 39,061 39,061
Prepaid insurance and services 84,082 137,069
Prepaid clinical expenses 1,104,445 612,161
Total current assets 3,972,040 3,958,069
FURNITURE AND EQUIPMENT, NET 57,320 13,546
RIGHT-TO-USE LEASE ASSET, NET 38,348 51,017
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 64,728 90,596
TOTAL ASSETS 4,132,436 4,113,228
CURRENT LIABILITIES    
Current portion of lease liability 14,378 16,385
Current portion of long-term debt 87,421
Accounts payable and accrued expenses 4,458,191 3,124,735
Total current liabilities 4,559,990 3,141,120
LONG-TERM LIABILITIES    
Long-term lease liability, less current portion 25,876 36,126
Long-term debt, less current portion 71,103
Total long-term liabilities 96,979 36,126
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, par value $.0001 per share, 500,000,000 shares authorized, 169,876,130 and 121,564,990 shares issued and outstanding, at September 30, 2020 and December 31, 2019 16,987 12,155
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized
Additional paid-in capital 30,840,706 26,044,060
Accumulated deficit (31,382,226) (25,120,233)
Total stockholders' equity (deficit) (524,533) 935,982
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 4,132,436 $ 4,113,228
v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES        
Product sales $ 222,462 $ 285,914 $ 757,790 $ 779,835
EXPENSES        
Personnel 424,823 520,666 1,328,156 1,241,742
Cost of products sold (exclusive of direct and indirect overhead and handling costs) 11,578 25,971 50,958 62,830
Research and development 1,086,753 941,539 4,859,794 3,071,113
Repairs and maintenance 1,408 1,232 4,521 4,215
Professional fees 72,319 151,749 435,282 613,000
Office and other 48,202 233,555 306,387 583,692
Board of Director fees and costs 9,718 37,008 38,434 101,704
Depreciation 3,117 1,292 9,353 4,261
Freight and shipping 543 1,527 3,575 3,977
Bad debt expense 1,272
Total operating expenses 1,658,461 1,914,539 7,037,732 5,686,534
LOSS FROM OPERATIONS (1,435,999) (1,628,625) (6,279,942) (4,906,699)
OTHER INCOME        
Investment and other income 390 3,284 17,949 9,181
LOSS BEFORE INCOME TAXES (1,435,609) (1,625,341) (6,261,993) (4,897,518)
PROVISION FOR INCOME TAXES
NET LOSS $ (1,435,609) $ (1,625,341) $ (6,261,993) $ (4,897,518)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.01) $ (0.01) $ (0.04) $ (0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 151,945,741 121,086,101 144,310,921 104,286,287
v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES              
Net loss $ (1,435,609) $ (2,633,992) $ (1,625,341) $ (1,904,166) $ (6,261,993) $ (4,897,518) $ (7,533,000)
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation         9,353 4,261  
Accrued stock compensation to employees         6,630 104,100  
Accrued stock compensation to non-employees         12,750 55,280  
Increase or decrease in:              
Accounts receivable         57,925 44,302  
Inventory         (178,694) 32,420  
Prepaid clinical expenses         (492,284) (217,395)  
Prepaid insurance and services         52,987 (2,519)  
Other         412 1,208  
Accounts payable and accrued expenses         1,314,076 506,383  
Total adjustments         783,155 528,040  
NET CASH USED IN OPERATING ACTIVITIES         (5,478,838) (4,369,478)  
CASH FLOWS FROM INVESTING ACTIVITIES              
Purchases of furniture and equipment         (53,127) (1,324)  
Proceeds from mortgage note receivable         25,868 27,943  
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES         (27,259) 26,619  
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from PPP loan         158,524  
Collection of stock subscription receivable         130,062  
Net proceeds from sale of common stock and warrants, net of issue costs         4,801,478 6,989,600  
NET CASH PROVIDED BY FINANCING ACTIVITIES         4,960,002 7,119,662  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS         (546,095) 2,776,803  
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 $ 2,237,624   $ 4,994,215   2,237,624 4,994,215 $ 2,783,719
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION              
Cash paid for interest         224  
Cash paid for income taxes          
NON-CASH INVESTING AND FINANCING ACTIVITIES              
Capitalization of right-to-use asset and lease liability         $ 56,476