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
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net (loss) income $ (2,600,237) $ 389,176
Adjustments to reconcile net (loss) income loss to cash used in operating activities:    
Depreciation 1,781 724
Stock-based compensation 522,437 434,820
Issuance of restricted stock for services 21,500 0
Increase (decrease) to fair value of derivative 832,413 (1,971,549)
(Increase) decrease in:    
Prepaid expenses and other current assets (88,218) 13,939
Increase (decrease) in:    
Accounts payable (30,314) 24,400
Accrued expenses and other liabilities 18,481 12,586
Net cash used in operating activities (1,322,157) (1,095,904)
Cash flows from investing activities:    
Purchases of property and equipment 0 (3,463)
Net cash used in investing activities 0 (3,463)
Cash flows from financing activities:    
Proceeds from exercise of warrants 0 63,388
Proceeds from exercise of stock options 32,400 0
Net cash provided by financing activities 32,400 63,388
Net (decrease) in cash (1,289,757) (1,035,979)
Cash, beginning of year 4,667,410 5,994,052
Cash, end of period 3,377,653 4,958,073
Non-cash financing activities:    
Exercise of stock options - cashless 477 117
Restricted stock - vested $ 1,817 $ 0