v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net Loss $ (15,450,010) $ (11,700,057)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 449,706 471,754
Amortization of operating lease right-of-use assets 133,260 99,035
Loss on disposal of fixed assets 0 26,166
Stock-based compensation 1,769,335 893,086
Changes in operating assets and liabilities:    
Prepaid expenses (337,701) (632,320)
Accounts receivable 3,963 (8,682)
Other current assets (187,337) 50,605
Deferred Revenue, current and non-current 9,987,488 0
Accounts payable and accrued liabilities 468,387 (630,236)
Management and directors' fees payable 2,958 (36,791)
Right-of-use assets operating leases liabilities (115,548) (98,789)
Net Cash Used In Operating Activities (3,275,499) (11,566,229)
Investing Activities:    
Purchases of property and equipment (665,942) (703,180)
Net Cash Used In Investing Activities (665,942) (703,180)
Financing Activities:    
Net proceeds from issuances of common stock 9,464 21,183,639
Tax withholdings paid related to stock-based compensation (67,988) (130,426)
Proceeds from grants repayable 0 37,672
Proceeds from long-term debt 620,549 79,614
Payments on long-term debt (631,667) (383,782)
Payments on grants repayable 0 (47,830)
Payments on finance lease obligations (24,384) (29,347)
Net Cash (Used) Provided By Financing Activities (94,026) 20,709,540
Effect of foreign exchange on cash 184,595 28,301
Net Change in Cash (3,850,872) 8,468,432
Cash and cash equivalents - Beginning of Period 20,581,313 19,444,737
Cash and cash equivalents - End of Period 16,730,441 27,913,169
Supplemental Disclosures of Cash Flow Information:    
Interest paid $ 78,161 $ 81,869
Non-Cash Financing Activities:    
Common stock issued on cashless exercises of stock options and settlement of vested RSUs 72 80
Offering costs from issuance of common stock $ 0 $ 119,029

Source