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 ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities:    
Net (Loss) Income $ (1,952,200) $ 870,809
Adjustments to Reconcile Net (Loss) Income to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 7,067 12,918
Reduction of Right-of-Use Assets 41,440 39,321
Stock-Based Compensation 145,920 232,906
Expiration of Prepaid Agreement 159,848  
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (67,102) (243,081)
Refundable Tax Credit Receivable (580) 11,406
Other Assets (11,616) 8,695
Accounts Payable (52,263) 180,534
Lease Liabilities (41,440) (38,956)
Deferred Revenue 0 (2,686,000)
Accrued Expenses (629,396) (535,119)
Net Cash Used in Operating Activities (2,400,322) (2,146,567)
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 4,501,313 0
Equipment Financing Payments 0 (1,572)
Net Cash Provided by (Used in) Financing Activities 4,501,313 (1,572)
Effect of Exchange Rate Changes on Cash 280 (132)
Net Increase (Decrease) in Cash 2,101,271 (2,148,271)
Cash, Including Restricted Cash, Beginning of Period 3,821,712 8,049,237
Cash, Including Restricted Cash, End of Period 5,922,983 5,900,966
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities $ 102,579 $ 0
Cancellation of Restricted Stock 0 2
Grant of Restricted Stock Awards $ 490  
ASU 2016-02    
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities $ 0 $ 136,675