Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities:    
Net Loss $ (3,669,301) $ (966,463)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 15,705 25,836
Reduction of Right-of-Use Assets 83,926 79,641
Stock-Based Compensation 342,971 469,096
Expiration of Prepaid Agreement 159,848 0
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (105,436) (95,893)
Refundable Tax Credit Receivable 3,342 16,672
Other Assets 3,061 8,695
Accounts Payable (115,995) 32,927
Lease Liabilities (83,926) (79,641)
Deferred Revenue 0 (2,686,000)
Accrued Expenses (501,610) (373,860)
Net Cash Used in Operating Activities (3,867,415) (3,568,990)
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 4,501,313 0
Paycheck Protection Program Loan Proceeds 278,190 0
Exercise of Warrants 0 32,000
Equipment Financing Payments 0 (3,143)
Net Cash Provided by Financing Activities 4,779,503 28,857
Effect of Exchange Rate Changes on Cash 161 982
Net Increase (Decrease) in Cash 912,249 (3,539,151)
Cash, Including Restricted Cash, Beginning of Period 3,821,712 8,049,237
Cash, Including Restricted Cash, End of Period 4,733,961 4,510,086
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities $ 102,579 $ 52,478
Cancellation of Restricted Stock Par Value 0 2
Issuance of Restricted Stock Awards $ 490 $ 0
ASU 2016-02    
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities $ 0 $ 136,675