Financials

v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 18,510,727 $ 13,427,222
Prepaid expenses 540,274 245,441
Other current assets 193,119 229,755
Total Current Assets 19,244,120 13,902,418
Property and equipment, net 3,037,631 3,119,643
Operating lease right of use assets 179,158
Intangible assets, net 420,191 466,905
Total Assets 22,881,100 17,488,966
Current Liabilities    
Accounts payable 1,318,576 807,162
Accrued liabilities 1,266,490 923,034
Management and directors' fees payable 45,536 1,200
Current portion of long-term debt 562,751 416,553
Current portion of finance lease liabilities 144,433 145,150
Current portion of operating lease liabilities 80,118
Current portion of grant repayable 79,589 40,094
Total Current Liabilities 3,497,493 2,333,193
Long-term debt, net of current portion 1,956,119 1,984,262
Finance lease liabilities, net of current portion 642,711 720,013
Operating lease liabilities, net of current portion 100,028
Grant repayable, net of current portion 301,784 311,042
Total Long-Term Liabilities 3,000,642 3,015,317
Total Liabilities 6,498,135 5,348,510
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 39,480,658 shares and 35,335,378 shares, respectively 39,481 35,335
Additional paid-in capital 98,177,719 85,604,271
Accumulated other comprehensive Income 249,510 223,651
Accumulated deficit (82,083,745) (73,722,801)
Total Stockholders' Equity 16,382,965 12,140,456
Total Liabilities and Stockholders' Equity $ 22,881,100 $ 17,488,966
v3.19.2
Condensed Consolidated Statements of Operationsand Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Condensed Consolidated Statements of Operationsand Comprehensive Loss (Unaudited)        
Revenue
Operating Expenses        
Research and development 2,478,930 2,686,473 4,953,489 5,109,675
General and administrative 1,407,002 1,643,681 2,624,878 3,485,774
Sales and marketing 238,124 235,366 522,404 599,510
Total Operating Expenses 4,124,056 4,565,520 8,100,771 9,194,959
Operating Loss (4,124,056) (4,565,520) (8,100,771) (9,194,959)
Other Expenses        
Interest expense 33,115 26,556 63,216 49,538
Other expenses 196,957
Total Other Expenses (33,115) (26,556) (260,173) (49,538)
Provision for Income Taxes
Net Loss (4,157,171) (4,592,076) (8,360,944) (9,244,497)
Other Comprehensive Income (Loss)        
Foreign currency translation adjustments 49,913 132,157 25,859 147,104
Net Comprehensive Loss $ (4,107,258) $ (4,459,919) $ (8,335,085) $ (9,097,393)
Net Loss Per Share - Basic and Diluted $ (0.11) $ (0.15) $ (0.22) $ (0.32)
Weighted Average Shares Outstanding        
-BasicandDiluted 38,876,262 30,027,260 37,266,356 28,655,711
v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating Activities    
Net loss $ (8,360,944) $ (9,244,497)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 365,909 317,981
Loss on disposal of property and equipment (41)
Stock based compensation 715,838 1,388,295
Warrants issued for services 4,127 4,326
Financing costs for warrants modified 196,957
Changes in operating assets and liabilities:    
Prepaid expenses (294,833) (174,504)
Other current assets 36,636 (188,285)
Accounts payable and accrued liabilities 938,433 1,406,197
Right-of-use assets operating leases liabilities (25,598)
Net Cash Used In Operating Activities (6,423,475) (6,490,528)
Investing Activities    
Purchases of property and equipment (236,831) (125,513)
Net Cash Used In Investing Activities (236,831) (125,513)
Financing Activities    
Net proceeds from issuances of common shares 11,660,546 7,796,001
Proceeds from grants repayable 32,652
Proceeds from long-term debt 282,513 875,652
Payments on long-term debt (147,421) (332,856)
Payments on grants repayable (40,863)
Payments on finance lease obligations (71,165) (72,524)
Net Cash Provided By Financing Activities 11,757,125 8,225,410
Effect of foreign exchange on cash (13,314) 168,534
Net Change in Cash 5,083,505 1,777,903
Cash and cash equivalents - Beginning of Period 13,427,222 10,116,263
Cash and cash equivalents - End of Period 18,510,727 11,894,166
Supplemental Disclosures of Cash Flow Information :    
Interest paid 63,216 49,737
Non-Cash Financing Activities:    
Common Stock issued on cashless exercises of stock options 12
Offering costs from issuance of common stock $ 604,000
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