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Date of Report
(Date of earliest event reported)
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May 14,
2020
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Delaware
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001-37969
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26-0579295
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(State or other
jurisdiction of incorporation
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(Commission File
Number)
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(IRS Employer
Identification No.)
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3600 Green Court,
Suite 350 Ann Arbor, MI
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48105
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(Address of
principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code
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(734)
335-0468
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Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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|
Common stock, par
value $0.0001 per share
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NDRA
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The Nasdaq Stock
Market LLC
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Warrants, each to
purchase one share of Common Stock
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NDRAW
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The Nasdaq Stock
Market LLC
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Exhibit
No.
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|
Description
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|
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|
Press
Release dated May 14, 2020, furnished herewith.
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|
|
ENDRA
Life Sciences Inc.
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May 14,
2020
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|
|
|
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By:
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/s/ Francois
Michelon
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Name:
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Francois
Michelon
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|
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Title:
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President and Chief
Executive Officer
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|
|
March
31,
|
December
31,
|
|
Assets
|
2020
|
2019
|
|
Assets
|
(unaudited)
|
|
|
Cash
|
$3,102,728
|
$6,174,207
|
|
Prepaid
expenses
|
373,254
|
116,749
|
|
Inventory
|
174,935
|
113,442
|
|
Other current
assets
|
121,951
|
130,701
|
|
Total Current
Assets
|
3,772,868
|
6,535,099
|
|
Other
Assets
|
|
|
|
Fixed assets,
net
|
237,015
|
236,251
|
|
Right of use
assets
|
389,004
|
404,919
|
|
Total
Assets
|
$4,398,887
|
$7,176,269
|
|
|
|
|
|
Liabilities
and Stockholders’ Equity
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts payable
and accrued liabilities
|
$1,444,035
|
$1,708,525
|
|
Convertible notes
payable, net of discount
|
38,402
|
298,069
|
|
Lease liabilities,
current portion
|
68,608
|
66,193
|
|
Total Current
Liabilities
|
1,551,045
|
2,072,787
|
|
|
|
|
|
Long
Term Debt
|
|
|
|
Lease
liabilities
|
325,804
|
342,812
|
|
Total Long Term
Debt
|
325,804
|
342,812
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|
|
|
|
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Total
Liabilities
|
1,876,849
|
2,415,599
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|
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Stockholders’
Equity
|
|
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Preferred stock
series A, $0.0001 par value; 10,000 shares authorized; 2,441.92
shares issued and outstanding
|
1
|
1
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|
Preferred stock
series B, $0.0001 par value; 1,000 shares authorized; 121.58 shares
issued and outstanding
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-
|
-
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Common stock,
$0.0001 par value; 50,000,000 shares authorized; 13,553,005 and
8,421,401shares issued and outstanding
|
1,355
|
842
|
|
Additional paid in
capital
|
50,982,080
|
49,933,736
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Stock
payable
|
78,836
|
43,528
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Accumulated
deficit
|
(48,540,234)
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(45,217,437)
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Total
Stockholders’ Equity
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2,522,038
|
4,760,670
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Total
Liabilities and Stockholders’ Equity
|
$4,398,887
|
$7,176,269
|
|
|
Three Months
Ended
|
Three Months
Ended
|
|
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March
31,
|
March
31,
|
|
|
2020
|
2019
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|
Operating
Expenses
|
|
|
|
Research and
development
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$1,518,146
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$1,773,498
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Sales and
marketing
|
114,955
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56,818
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General and
administrative
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1,467,745
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916,903
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Total operating
expenses
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3,100,846
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2,747,219
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|
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Operating
loss
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(3,100,846)
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(2,747,219)
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|
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Other
Expenses
|
|
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Amortization of
debt discount
|
(228,568)
|
-
|
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Other income
(expense)
|
6,617
|
(1,517)
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|
Total other
expenses
|
(221,951)
|
(1,517)
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|
|
|
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Loss from
operations before income taxes
|
(3,322,797)
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(2,748,736)
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|
|
|
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Provision for
income taxes
|
-
|
-
|
|
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Net
Loss
|
$(3,322,797)
|
$(2,748,736)
|
|
|
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Net
loss per share – basic and diluted
|
$(0.29)
|
$(0.37)
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Weighted
average common shares – basic and diluted
|
11,508,843
|
7,422,642
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|
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Three Months Ended
|
Three Months Ended
|
|
|
March 31,
|
March 31,
|
|
|
2020
|
2019
|
|
Cash
Flows from Operating Activities
|
|
|
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Net
loss
|
$(3,322,797)
|
$(2,748,736)
|
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Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
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Depreciation and
amortization
|
21,586
|
19,632
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|
Common stock,
options and warrants issued for services
|
511,080
|
302,268
|
|
Amortization of
debt discount
|
228,568
|
-
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Amortization of
right of use assets
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15,915
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-
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Stock payable for
investor relations
|
40,000
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-
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Changes in
operating assets and liabilities:
|
|
|
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Decrease (increase)
in prepaid expenses
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(256,505)
|
40,354
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Decrease in lease
liability
|
(14,593)
|
-
|
|
Increase in
inventory
|
(61,493)
|
(14,831)
|
|
Increase in other
asset
|
8,750
|
-
|
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Increase in
accounts payable and accrued liabilities
|
(256,878)
|
(139,349)
|
|
Net cash used in
operating activities
|
(3,088,367)
|
(2,540,662)
|
|
|
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Cash
Flows from Investing Activities
|
|
|
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Purchases of fixed
assets
|
(22,350)
|
(5,239)
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Net cash used in
investing activities
|
(22,350)
|
(5,239)
|
|
|
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Cash
Flows from Financing Activities
|
|
|
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Proceeds from
warrant exercise
|
39,238
|
-
|
|
Net cash provided
by financing activities
|
39,238
|
-
|
|
|
|
|
|
Net decrease in
cash
|
(3,071,479)
|
(2,545,901)
|
|
|
|
|
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Cash, beginning of
period
|
6,174,207
|
6,471,375
|
|
|
|
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|
Cash,
end of period
|
$3,102,728
|
$3,925,474
|
|
|
|
|
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Supplemental
disclosures of cash items
|
|
|
|
Interest
paid
|
$1,920
|
$-
|
|
Income tax
paid
|
$-
|
$-
|
|
|
|
|
|
Supplemental
disclosures of non-cash items
|
|
|
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Conversion of
convertible notes and accrued interest
|
$493,814
|
$-
|
|
Conversion of
Series A Convertible Preferred Stock
|
$(452)
|
$-
|
|
Conversion of
Series B Convertible Preferred Stock
|
$(23)
|
$-
|
|
Stock dividend
payable
|
$34,066
|
$-
|
|
Right of use
asset
|
$389,004
|
$-
|
|
Lease
liability
|
$394,412
|
$-
|