Financials

v3.21.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
CURRENT ASSETS    
Cash and cash equivalents $ 15,506,718 $ 12,846,113
Accounts receivable 171,864 71,017
Inventory, net 257,834 237,909
Current portion of mortgage note receivable 48,304 40,772
Prepaid insurance and services 219,752 126,474
Prepaid clinical expenses 1,816,633 727,952
Total current assets 18,021,105 14,050,237
FURNITURE AND EQUIPMENT, NET 50,360 53,910
RIGHT-TO-USE LEASE ASSET, NET 30,862 34,011
MORTGAGE NOTE RECEIVABLE, LESS CURRENT PORTION 38,942 49,806
TOTAL ASSETS 18,141,269 14,187,964
CURRENT LIABILITIES    
Current portion of lease liability 18,325 17,483
Current portion of note payable 60,142 114,029
Accounts payable and accrued expenses 3,628,293 3,541,041
Total current liabilities 3,706,760 3,672,553
LONG-TERM LEASE LIABILITY    
Long-term lease liability, less current portion 14,560 18,434
Long-term note payable, less current portion 98,382 44,495
Total long-term liabilities 112,942 62,929
STOCKHOLDERS' EQUITY    
Common stock, par value $.0001 per share, 10,000,000 shares authorized, 6,357,596 and 4,770,761 shares issued and outstanding, at March 31, 2021 and December 31, 2020, respectively 635 477
Preferred stock, par value $.0001 per share, 5,000,000 shares authorized
Additional paid-in capital 52,419,383 44,513,841
Accumulated deficit (38,098,451) (34,061,836)
Total stockholders' equity 14,321,567 10,452,482
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 18,141,269 $ 14,187,964
v3.21.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
REVENUES    
Product sales $ 358,133 $ 325,734
EXPENSES    
Personnel 559,324 469,705
Cost of products sold (exclusive of direct and indirect overhead and handling costs) 34,596 26,433
Research and development 3,258,115 2,059,606
Repairs and maintenance 1,666 1,802
Professional fees 222,871 219,536
Office and other 313,774 178,362
Board of Director fees and costs 7,349
Depreciation 3,550 3,118
Freight and shipping 1,513 1,863
Total operating expenses 4,395,409 2,967,774
LOSS FROM OPERATIONS (4,037,276) (2,642,040)
OTHER INCOME    
Investment and other income 661 8,048
LOSS BEFORE INCOME TAXES (4,036,615) (2,633,992)
PROVISION FOR INCOME TAXES
NET LOSS $ (4,036,615) $ (2,633,992)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) $ (0.76) $ (2.17)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) 5,333,806 1,215,650
v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,036,615) $ (2,633,992)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,550 3,118
Accrued stock compensation to employees 2,470
Accrued stock compensation to non-employees 4,750
Issuance of stock based compensation 50,300
Increase or decrease in:    
Accounts receivable (100,847) (25,394)
Inventory (19,925) 13,859
Prepaid clinical expenses (1,088,681) 59,096
Prepaid insurance and services (93,278) (37,013)
Other current assets (9,615)
Other 117 226
Accounts payable and accrued expenses 358,560 803,630
Total adjustments (890,204) 824,742
NET CASH USED IN OPERATING ACTIVITIES (4,926,819) (1,809,250)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of furniture and equipment (50,627)
Proceeds from mortgage note receivable 3,332 9,615
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 3,332 (41,012)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from exercise of warrants 7,584,092
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,584,092
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,660,605 (1,850,262)
CASH AND CASH EQUIVALENTS, beginning of period 12,846,113 2,783,719
CASH AND CASH EQUIVALENTS, end of period 15,506,718 933,457
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes