v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:    
Net loss $ (35,677,074) $ (30,598,469)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,152,534 936,084
Amortization of operating lease right-of-use assets 260,743 253,864
Loss on disposal of fixed assets 15,843 0
Stock-based compensation 2,289,545 3,114,659
Gain on change in fair value of warrant liability (240,311) 0
Changes in operating assets and liabilities:    
Accounts receivable (169,666) (72,609)
Prepaid expenses 263,550 433,995
Other current assets 87,441 351,514
Accounts payable and accrued liabilities 1,224,743 548,611
Deferred revenue 13,000,000 9,987,488
Management and directors' fees payable (11,494) (184)
Operating lease liabilities (258,853) (232,695)
Net Cash Used In Operating Activities (18,062,999) (15,277,742)
Investing Activities:    
Purchases of property and equipment (1,083,749) (1,570,182)
Net Cash Used In Investing Activities (1,083,749) (1,570,182)
Financing Activities:    
Net proceeds from issuance of common shares 28,388,036 6,736,444
Tax withholdings paid related to stock-based compensation (203,878) (180,472)
Common stock repurchased (31,772) 0
Proceeds from grants repayable 25,315 218,445
Proceeds from long-term debt 1,854,877 1,523,098
Payments on long-term debt (981,291) (1,268,386)
Payments on grants repayable (22,096) (45,664)
Payments on financing leases (46,506) (45,433)
Net Cash Provided By Financing Activities 28,982,685 6,938,032
Effect of foreign exchange on cash and cash equivalents 26,996 195,629
Net Change in Cash and Cash Equivalents 9,862,933 (9,714,263)
Cash and Cash Equivalents - Beginning of Year 10,867,050 20,581,313
Cash and Cash Equivalents - End of Year 20,729,983 10,867,050
Supplemental Disclosures of Cash Flow Information:    
Interest paid 221,622 173,110
Non-Cash Financing Activities:    
Common Stock issued for settlement of vested RSUs 658 297
Offering costs from issuance of common stock 392,822 427,443
Fair value of warrants issued in connection with public offering at issuance 366,960 0
Non-cash note payable $ 356,258 $ 620,549

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