Cash consideration

$

54,000

Acquisition costs

43,463

Fair value of common stock

844,600

Fair value of warrant liability issued

104,902

Total consideration

$

1,046,965

For the Three Months Ended March 31, 2019

For the Six Months Ended March 31, 2019

As Previously Reported

Adjustments

As Restated

As Previously Reported

Adjustments

As Restated

General and administrative expenses

$

2,019,087

$

(104,719)

$

1,914,368

$

2,639,779

$

(303,401)

$

2,336,378

Research and development expenses

37,881

(4,755)

33,126

92,340

(54,338)

38,002

Research and development expenses- license
acquired

 —

 —

 —

 —

1,046,965

1,046,965

Depreciation and amortization

18,350

(18,350)

 —

18,350

(18,350)

 —

Total operating expenses

2,075,318

(127,824)

1,947,494

2,750,469

670,876

3,421,345

Loss from operations

(2,075,318)

127,824

(1,947,494)

(2,750,469)

(670,876)

(3,421,345)

Interest expense

(10,298)

(33,316)

(43,614)

(14,819)

(43,432)

(58,251)

Change in fair value of warrant liabilities

 —

(38,702)

(38,702)

 —

(38,702)

(38,702)

Total other expenses

$

(10,298)

$

(72,018)

$

(82,316)

$

(14,819)

$

(82,134)

$

(96,953)

Net loss

(2,085,616.00)

55,806

$

(2,029,810.00)

(2,765,288.00)

(753,010.00)

$

(3,518,298.00)

Basic and diluted loss per common share (1)

(0.32)

(0.33)

(0.47)

(0.59)

Weighted average shares outstanding (1):

Basic and diluted

6,459,887

6,074,600

5,881,593

5,967,807

March 31, 2019

As Previously Reported

Adjustments

As Restated

Assets

Intangible assets, net

$

1,471,024

$

(1,471,024)

$

 —

Total Assets

1,967,699

(1,471,024)

496,675

Liabilities

Accounts payable

626,289

1,208

627,497

Warrant liabilities

164,429

(20,825)

143,604

Convertible notes payable

850,000

42,224

892,224

Total Liabilities

1,640,718

22,607

1,663,325

Stockholders' equity (deficit)

Additional paid-in capital (1)

3,133,553

(740,621)

2,392,932

Accumulated deficit

(2,807,240)

(753,010)

(3,560,250)

Total stockholders' equity (deficit)

326,981

(1,493,631)

(1,166,650)

Total liabilities and stockholders' equity (deficit)

$

1,967,699

$

(1,471,024)

$

496,675

For the six months ended March 31, 2019

As Previously Reported

Adjustments

As Restated

Cash flows from operating activities:

Net loss

$

(2,765,288)

$

(753,010)

$

(3,518,298)

Adjustments to reconcile net loss to net cash

used in operating activities

Stock-based compensation

1,807,735

(260,261)

1,547,474

Amortization of intangible assets

18,350

(18,350)

 —

Research and development expense - license acquired

 —

1,046,965

1,046,965

Change in fair value of warrant liabilities

 —

38,702

38,702

Non-cash amortization on convertible notes

 —

42,224

42,224

Non-cash interest expense on convertible notes

 —

16,027

16,027

Changes in operating assets and liabilities

Prepaid expenses and other current assets

 —

(2,531)

(2,531)

Accounts payable and accrued expenses

584,792

(14,819)

569,973

Net cash used in operating activities

(354,411)

94,947

(259,464)

Cash flows from investing activities

Purchase of equipment

(31,650)

 —

(31,650)

Security deposit

(2,532)

2,532

 —

Payment of transaction costs for licenses acquired

 —

(43,463)

(43,463)

Cash paid for license acquired

 —

(54,000)

(54,000)

Net cash used in investing activities

(34,182)

(94,931)

(129,113)

Cash flows from financing activities

Proceeds from convertible notes payable

600,000

 —

600,000

Proceeds from common stock issued for cash

1,500

(26)

1,474

Repurchase of common stock

(14)

 —

(14)

Proceeds from prefunded warrant

 —

10

10

Net used in financing activities

601,486

(16)

601,470

Net decrease in cash and cash equivalents

212,893

 —

212,893

Cash and cash equivalents, beginning of period

249,600

 —

249,600

Cash and cash equivalents, end of period

$

462,493

$

 —

$

462,493

Non-cash investing and financing activities:

Issuance of common stock for research and

development expense- licenses acquired

1,324,945

(480,345)

844,600

Fair value of warrant liability issued for research and development

expense- licenses acquired

164,429

(59,527)

104,902

As of

March 31,

2020

Common stock price volatility

89.6% -  92.5%

Risk-free interest rate

0.23%

Remaining contractual term (years)

1.7-  2.0

Expected dividend yield

-

As of March 31,

2020

2019

Common stock purchase options

6,506,966

Unvested restricted stock

3,125

Common stock purchase warrants

715,939

Convertible notes

 —

   Total

7,226,030

5,510,863