v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net Loss $ (23,262,281) $ (18,881,555)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 687,116 708,520
Amortization of operating lease right-of-use assets 193,444 148,075
Loss on disposal of fixed assets 0 26,167
Stock-based compensation 2,408,410 2,393,568
Changes in operating assets and liabilities:    
Prepaid expenses (227,381) (595,008)
Accounts receivable 6,960 (12,416)
Other current assets 360,414 (20,010)
Deferred Revenue, current and non-current 9,987,488 0
Accounts payable and accrued liabilities (75,283) (27,183)
Management and directors' fees payable 339 (36,749)
Right-of-use assets operating leases liabilities (173,830) (147,924)
Net Cash Used In Operating Activities (10,094,604) (16,444,515)
Investing Activities    
Purchases of property and equipment (991,430) (844,987)
Net Cash Used In Investing Activities (991,430) (844,987)
Financing Activities    
Net proceeds from issuances of common stock 5,954,650 21,436,571
Tax withholdings paid related to stock-based compensation (150,276) (130,426)
Proceeds from grants repayable 210,603 37,631
Proceeds from long-term debt 1,632,384 79,614
Payments on long-term debt (941,857) (571,616)
Payments on grants repayable (37,824) (47,789)
Payments on finance lease obligations (35,063) (43,881)
Net Cash Provided By Financing Activities 6,632,617 20,760,104
Effect of foreign exchange on cash 288,173 (13,555)
Net Change in Cash and Cash Equivalents (4,165,244) 3,457,047
Cash and cash equivalents - Beginning of Period 20,581,313 19,444,737
Cash and cash equivalents - End of Period 16,416,069 22,901,784
Supplemental Disclosures of Cash Flow Information    
Interest paid $ 115,860 $ 120,636
Non-Cash Financing Activities    
Common stock issued on cashless exercises of stock options and settlement of vested RSUs 271 102
Offering costs from issuance of common stock $ 420,819 $ 125,494

Source