v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (67,356,411) $ (25,652,213)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 41,954 59,623
Stock-based compensation 2,832,911 0
Amortization of intangible asset 33,332 5,555
Amortization of debt discounts 27,183,563 11,159,330
Change in fair value of warrant liability 8,051,196 (4,309,478)
Change in fair value of derivative liability 14,293,963 9,040,000
Gain on extinguishment of convertible notes payable 0 (621,981)
Compensation expense for issuance of consultant warrants 241,000 0
Changes in operating assets and liabilities:    
Accounts receivable (57,517) (47,700)
Inventories (690,545) (384,648)
Prepaid expenses and other assets (220,812) (101,927)
Accounts payable (752,349) 295,190
Accrued liabilities 131,233 (1,376,132)
Accrued interest 6,316,332 1,545,890
Net cash used in operating activities (9,952,150) (10,388,491)
Cash flows from investing activities:    
Acquisition of intangible asset 0 (100,000)
Purchases of property and equipment (86,793) (66,021)
Net cash used in investing activities (86,793) (166,021)
Cash flows from financing activities:    
Proceeds from issuance of common stock 10,272,679 0
Proceeds from issuance of promissory notes, net of issuance costs 2,002,000 0
Proceeds from issuance of convertible notes payable, net of issuance costs 1,434,698 15,808,383
Repayment of convertible notes payable (200,000) (5,067,500)
Taxes paid related to net share settlements of equity awards (498,901) 0
Repurchase of common stock 0 (25,000)
Net cash provided by financing activities 13,010,476 10,715,883
Effect of exchange rate changes on cash and cash equivalents (3,121) (4,490)
Net increase in cash and cash equivalents 2,968,412 156,881
Cash and cash equivalents as of beginning of year 249,143 92,262
Cash and cash equivalents as of end of year 3,217,555 249,143
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 8,150 2,950
Noncash Investing and Financing Activities:    
Issuance of warrants in connection with convertible notes payable 2,048,125 4,279,977
Issuance of warrant in connection with settlement agreement with Series E holders 1,590,095 0
Issuance of warrants in connection in initial public offering 169,000 0
Beneficial conversion feature of convertible notes payable 1,918,125 3,581,765
Issuance of convertible notes payable upon amendment of promissory notes 0 150,000
Issuance of convertible notes in lieu of employee expense payments 50,000 0
Reduction of convertible notes payable by shipment of inventories 0 277,725
Conversion of accrued interest to accounts payable 1,957 14,047
Conversion of interest to convertible notes payable as principal 10,183 27,496
Issuance of convertible notes payable in lieu of vendor expense payment 0 12,000
Reclassification of promissory notes to convertible notes payable 2,250,000 0
Fair value of derivative liability in connection with issuance of notes payable 7,886,125 13,058,000
Conversion of preferred units to common stock upon initial public offering 64,734,841 0
Conversion of convertible notes and accrued interest to common stock upon initial public offering 30,450,139 0
Reclassification of derivative liability to equity upon initial public offering 43,012,088 0
Reclassification of warrant liability to stockholders' equity $ 9,310,073 $ 0

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