Cash Flows
The following table sets forth a summary of the primary sources and uses of cash for each of the periods presented below:
| | | Year Ended December 31, | | | Three Months Ended March 31, | |
| | | 2019 | | | 2018 | | | 2020 | | | 2019 | |
Cash provided by (used in) in operating activities | | | | $ | (338,290) | | | | | $ | 714,987 | | | | | $ | (247,073) | | | | | $ | (288,722) | | |
Net cash provided by investing activities | | | | | — | | | | | | 87,097 | | | | | | — | | | | | | — | | |
Cash provided by (used in) financing activities | | | | | (22,810) | | | | | | (439,192) | | | | | | 242,361 | | | | | | (22,810) | | |
Net increase (decrease) in cash | | | | $ | (361,100) | | | | | $ | 362,892 | | | | | $ | (5,312) | | | | | $ | (311,532) | | |
Net Cash Flows Used in or Provided by Operating Activities
Net cash flows used in operating activities for the year ended December 31, 2019 totaled $(338,290), and consisted primarily of a net loss of $(5,722,983) adjusted for non-cash stock compensation of $1,436,608, non-cash warrant expense of $574,324, decrease in deferred initial public offering costs expensed during 2019 of $1,591,989, non-cash consulting fees of $150,000, decrease in prepaid expenses of $382,162, decrease in accrued expenses of $437,060, increase in deferred revenue of $1,166,268, decrease in accounts receivable of $472,941 and a net change in other operating assets and liabilities of $47,461.
Net cash flows provided by operating activities for the year ended December 31, 2018 totaled $714,987, and consisted primarily of a net loss of $(2,152,453) adjusted for non-cash stock compensation of $642,231, non-cash warrant expense of $596,772, increase in accrued expenses of $1,349,115, increase in deferred revenue of $256,727, increase in prepaid expenses and other current assets of $398,461, increase in accounts receivable of $292,161, non-cash consulting fees of $112,500, and an increase in accounts payable of $600,717.
Net cash flows used in operating activities for the three months ended March 31, 2020 totaled $(247,673), and consisted primarily of a net loss of $(547,440) adjusted for non-cash stock compensation of $139,758, non-cash warrant expense of $190,994, non-cash consulting fees of $37,500, decrease in accounts payable of $248,165, increase in accrued expenses of $133,684 and a net change in other operating assets and liabilities of $45,996.
Net cash flows used in operating activities for the three months ended March 31, 2019 totaled $(288,722) and consisted primarily of a net loss of $(1,736,337) adjusted for non-cash stock compensation of $333,133, non-cash warrant expense of $249,387, decrease in pre-paid expenses of $378,213, decrease in accounts receivable of $157,768, increase in accounts payable and accrued expenses of $352,200 and $131,943, respectively, a decrease in deferred revenue of $192,529 and an increase in noncash consulting fees of $37,500.
Cash Provided by Investing Activities
Net cash provided by investing activities for the year ended December 31, 2018 consists of proceeds from repayment of amount due from shareholder.
Cash Used in or Provided by Financing Activities
Net cash flows used by financing activities for the year ended December 31, 2019 totaled $(22,810), which represented repayments of notes payable.
Net cash flows used in financing activities for the year ended December 31, 2018 totaled $(439,192), which consisted of increases from proceeds from issuances of common stock of $1,181,980, reduced by repayments of notes payable of $26,310 and reduced by an increase in deferred initial public offering costs of $1,594,862.
Net cash flows provided by financing activities for the three months ended March 31, 2020 totaled $242,361, which included proceeds from issuances of common stock of $4,870 and proceeds from issuance of a note payable of $245,250 and an increase in deferred public offering costs of $7,759.