Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows From Operating Activities    
Net loss $ (750,832) $ (1,096,798)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,111 2,112
Amortization of right-of-use assets 17,947
Amortization of debt issuance costs 36,140
Amortization of intangible asset 198,832 25,435
Deferred income tax benefit (130,299) (281,534)
Stock-based compensation 58,559
Payments made directly to our Contract Research Organization by an investor in partial satisfaction of their stock subscription receivable 115,000
Net changes in operating assets and liabilities:    
Prepaid expenses 10,632 1,257
Current portion of operating lease liability (19,276)
Accrued interest 4,600 51,600
Accounts payable (9,045) 54,194
Due (from) to related parties (25,582) 36,025
Accrued expenses 34,924 102,561
Net cash used in operating activities (492,429) (1,069,008)
Cash Flows From Investing Activities    
Purchase of intangible asset (1,782)
Net cash provided by (used in) investing activities (1,782)
Net Decrease in Cash (492,429) (1,070,790)
Cash and Cash Equivalents - Beginning of Period 1,740,961 2,847,429
Cash and Cash Equivalents - End of Period 1,248,532 1,776,639
Non-Cash Investing and Financing Activities:    
Right-of-use asset obtained in exchange for operating lease liability (293,198)
Reduction in deferred lease liability (9,963)
Operating lease liability 303,161
Recognize the exclusive license intangible asset acquired from CoNCERT (11,037,147)
Recognize deferred tax liability for basis difference of Intangible asset 3,037,147
Recognize additional paid-in-capital for consideration paid from the transfer of 2,090,301 common shares of Processa released by Promet to CoNCERT for Processa 8,000,000
Net