v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:    
Net loss $ (27,257,985) $ (35,677,074)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,113,184 1,152,534
Amortization of operating lease right-of-use assets 225,748 260,743
Loss on disposal of fixed assets 34,731 15,843
Stock based compensation 1,268,543 2,289,545
Gain on change in fair value of warrant liability (28,763) (240,311)
Changes in operating assets and liabilities:    
Accounts receivable 132,045 (169,666)
Prepaid expenses 182,710 263,550
Other current assets 16,980 87,441
Accounts payable and accrued liabilities (1,217,013) 1,224,743
Deferred revenue (106,600) 13,000,000
Management and directors' fees payable 0 (11,494)
Operating lease liabilities (257,204) (258,853)
Net Cash Used In Operating Activities (25,893,624) (18,062,999)
Investing Activities:    
Purchases of property and equipment (277,499) (1,083,749)
Purchase of license (296,353) 0
Net Cash Used In Investing Activities (573,852) (1,083,749)
Financing Activities:    
Net proceeds from issuance of common shares 8,592,177 28,388,036
Tax withholdings paid related to stock-based compensation (139,939) (203,878)
Common stock repurchased 0 (31,772)
Proceeds from grants repayable 0 25,315
Proceeds from long-term debt 1,368,502 1,854,877
Payments on long-term debt (1,087,550) (981,291)
Payments on grants repayable (28,213) (22,096)
Payments on financing leases (47,723) (46,506)
Net Cash Provided By Financing Activities 8,657,254 28,982,685
Effect of foreign exchange on cash and cash equivalents 344,668 26,996
Net Change in Cash and Cash Equivalents (17,465,554) 9,862,933
Cash and Cash Equivalents - Beginning of Year 20,729,983 10,867,050
Cash and Cash Equivalents - End of Year 3,264,429 20,729,983
Supplemental Disclosures of Cash Flow Information:    
Cash paid for Interest 340,362 221,622
Non-Cash Investing and Financing Activities:    
Common stock issued for settlement of vested RSUs 731 658
Common stock issued for license rights 125,258 0
Offering costs from issuance of common stock 325,090 392,822
Fair value of warrants issued in connection with public offering at issuance 0 366,960
Non-cash note payable $ 294,603 $ 356,258

Source

10-K PDF
XBRL