Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies - Restatement adjustments (Details)

v3.20.1
Significant Accounting Policies - Restatement adjustments (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Statement of Operations                
General and administrative expenses $ 2,739,021 $ 1,914,368 $ 5,293,701 $ 2,336,378        
Research and development 1,616,009 33,126 2,843,695 38,002        
Research and development expense- license acquired 0 0   1,046,965        
Depreciation and amortization     199,500 0        
Total operating expenses 4,355,030 1,947,494 8,137,396 3,421,345        
Loss from operations (4,355,030) (1,947,494) (8,137,396) (3,421,345)        
Interest expense (342) (43,614) (1,653) (58,251)        
Change in fair value of warrant liabilities (69,944) 38,702 624,190 38,702        
Total other expenses   (82,316)   (96,953)        
Net loss $ (4,378,270) $ (2,029,810) $ (8,883,820) $ (3,518,298)        
Basic and diluted loss per common share $ (0.26) $ (0.33) $ (0.52) $ (0.59)        
Weighted average shares outstanding 17,075,875 6,074,600 17,073,765 5,967,807        
Assets                
Intangible assets, net $ 0   $ 0     $ 145,833    
Total assets 7,716,407 $ 496,675 7,716,407 $ 496,675   12,531,397    
Liabilities                
Accounts Payable   627,497   627,497        
Warrant liabilities   143,604   143,604        
Convertible notes payable   892,224   892,224        
Total liabilities 3,727,207 1,663,325 3,727,207 1,663,325   2,502,013    
Stockholders' equity (deficit)                
Additional paid-in capital 39,871,511 2,392,932 39,871,511 2,392,932   37,027,875    
Accumulated deficit (35,884,019) (3,560,250) (35,884,019) (3,560,250)   (27,000,199)    
Total stockholders' equity (deficit) 3,989,200 (1,166,650) 3,989,200 (1,166,650) $ 7,028,060 10,029,384 $ (392,495) $ (41,896)
Total liabilities and stockholders' equity (deficit) 7,716,407 496,675 7,716,407 496,675   $ 12,531,397    
Condensed Consolidated Statements of Cash Flows                
Net loss (4,378,270) (2,029,810) (8,883,820) (3,518,298)        
Adjustments to reconcile net loss to net cash used by operating activities                
Stock-based compensation     2,843,636 1,547,474        
Amortization of intangible assets 20,000 0 150,000 0        
Research and development expense - license acquired     0 1,046,965        
Change in fair value of warrant liabilities $ (69,944) 38,702 624,190 38,702        
Non-cash amortization on convertible notes     0 42,224        
Non-cash interest expense on convertible notes     0 16,027        
Changes in operating assets and liabilities                
Other prepaid expenses and current assets     214,698 (2,531)        
Accounts payable and accrued expenses       569,973        
Net cash used in operating activities     (4,257,183) (259,464)        
Cash flows from investing activities                
Purchase of laboratory and office equipment     (161,916) (31,650)        
Payment of transaction costs for license acquired     0 (43,463)        
Cash paid for license acquired     0 (54,000)        
Net cash used in investing activities     (161,916) (129,113)        
Cash flows from financing activities                
Proceeds From Issuance Of Convertible Notes     0 600,000        
Proceeds from common stock issued for cash       1,474        
Repurchase of common stock     0 (14)        
Proceeds from prefunded warrant     0 10        
Net (used in) provided by financing activities     (122,919) 601,470        
Net decrease in cash and cash equivalents     (4,542,018) 212,893        
Cash and cash equivalents, beginning of period       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     0 844,600        
Fair value of warrant liability issued for research and development expense- licenses acquired     $ 0 104,902        
As Previously Reported                
Statement of Operations                
General and administrative expenses   2,019,087   2,639,779        
Research and development   37,881   92,340        
Depreciation and amortization   18,350   18,350        
Total operating expenses   2,075,318   2,750,469        
Loss from operations   (2,075,318)   (2,750,469)        
Interest expense   (10,298)   (14,819)        
Total other expenses   (10,298)   (14,819)        
Net loss   $ (2,085,616.00)   $ (2,765,288.00)        
Basic and diluted loss per common share   $ (0.32)   $ (0.47)        
Weighted average shares outstanding   6,459,887   5,881,593        
Assets                
Intangible assets, net   $ 1,471,024   $ 1,471,024        
Total assets   1,967,699   1,967,699        
Liabilities                
Accounts Payable   626,289   626,289        
Warrant liabilities   164,429   164,429        
Convertible notes payable   850,000   850,000        
Total liabilities   1,640,718   1,640,718        
Stockholders' equity (deficit)                
Additional paid-in capital   3,133,553   3,133,553        
Accumulated deficit   (2,807,240)   (2,807,240)        
Total stockholders' equity (deficit)   326,981   326,981        
Total liabilities and stockholders' equity (deficit)   1,967,699   1,967,699        
Condensed Consolidated Statements of Cash Flows                
Net loss   (2,085,616.00)   (2,765,288.00)        
Adjustments to reconcile net loss to net cash used by operating activities                
Stock-based compensation       1,807,735        
Amortization of intangible assets       18,350        
Changes in operating assets and liabilities                
Accounts payable and accrued expenses       584,792        
Net cash used in operating activities       (354,411)        
Cash flows from investing activities                
Purchase of laboratory and office equipment       (31,650)        
Security deposit       (2,532)        
Net cash used in investing activities       (34,182)        
Cash flows from financing activities                
Proceeds From Issuance Of Convertible Notes       600,000        
Proceeds from common stock issued for cash       1,500        
Repurchase of common stock       (14)        
Net (used in) provided by financing activities       601,486        
Net decrease in cash and cash equivalents       212,893        
Cash and cash equivalents, beginning of period       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        
Fair value of warrant liability issued for research and development expense- licenses acquired       164,429        
Restatement Adjustment                
Statement of Operations                
General and administrative expenses   (104,719)   (303,401)        
Research and development   (4,755)   (54,338)        
Research and development expense- license acquired       1,046,965        
Depreciation and amortization   (18,350)   (18,350)        
Total operating expenses   (127,824)   670,876        
Loss from operations   127,824   (670,876)        
Interest expense   (33,316)   (43,432)        
Change in fair value of warrant liabilities   38,702   38,702        
Total other expenses   (72,018)   (82,134)        
Net loss   55,806   (753,010.00)        
Assets                
Intangible assets, net   (1,471,024)   (1,471,024)        
Total assets   (1,471,024)   (1,471,024)        
Liabilities                
Accounts Payable   1,208   1,208        
Warrant liabilities   (20,825)   (20,825)        
Convertible notes payable   42,224   42,224        
Total liabilities   22,607   22,607        
Stockholders' equity (deficit)                
Additional paid-in capital   (740,621)   (740,621)        
Accumulated deficit   (753,010)   (753,010)        
Total stockholders' equity (deficit)   (1,493,631)   (1,493,631)        
Total liabilities and stockholders' equity (deficit)   (1,471,024)   (1,471,024)        
Condensed Consolidated Statements of Cash Flows                
Net loss   55,806   (753,010.00)        
Adjustments to reconcile net loss to net cash used by operating activities                
Stock-based compensation       (260,261)        
Amortization of intangible assets       (18,350)        
Research and development expense - license acquired       1,046,965        
Change in fair value of warrant liabilities   $ 38,702   38,702        
Non-cash amortization on convertible notes       42,224        
Non-cash interest expense on convertible notes       16,027        
Changes in operating assets and liabilities                
Other prepaid expenses and current assets       (2,531)        
Accounts payable and accrued expenses       (14,819)        
Net cash used in operating activities       94,947        
Cash flows from investing activities                
Security deposit       2,532        
Payment of transaction costs for license acquired       (43,463)        
Cash paid for license acquired       (54,000)        
Net cash used in investing activities       (94,931)        
Cash flows from financing activities                
Proceeds from common stock issued for cash       (26)        
Proceeds from prefunded warrant       10        
Net (used in) provided by financing activities       (16)        
Non-cash investing and financing activities:                
Issuance of common stock for research and development expense-licenses acquired       (480,345)        
Fair value of warrant liability issued for research and development expense- licenses acquired       $ (59,527)