Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (3,126,800) $ (6,209,900)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 25,400 26,200
Stock-based compensation 674,600 1,063,000
Amortization of fair value of common stock issued for services 0 69,100
Amortization of fair value of warrants issued for services 0 10,300
Changes in operating assets and liabilities:    
Receivable from supplier 0 300,000
Prepaid expenses and other current assets 39,200 (80,900)
Right of use asset - operating lease 87,500 81,700
Operating lease liability (72,200) (61,100)
Accounts payable and accrued expenses (434,400) 40,200
Net cash used in operating activities (2,806,700) (4,761,400)
Cash flows from investing activities:    
Net cash used in investing activities 0 0
Cash flows from financing activities:    
Net proceeds from issuance of common stock and warrants, including units 62,600 0
Expense related to registration of shares underlying outstanding warrants (29,400) 0
Net proceeds from sale of common stock under equity line 2,790,600 0
Proceeds from issuance of note under Payroll Protection Plan 224,400 0
Repayment of capital lease obligation (800) (700)
Repayment of notes payable (49,900) (41,100)
Net cash provided by (used in) financing activities 2,997,500 (41,800)
Net increase (decrease) in cash and cash equivalents 190,800 (4,803,200)
Cash and cash equivalents at beginning of period 1,355,100 13,100,300
Cash and cash equivalents at end of period 1,545,900 8,297,100
Supplemental disclosure of noncash activites:    
Insurance premiums settled by issuing note payable 322,200 230,200
Accrued dividends on Series B Preferred $ 335,800 $ 320,600