Financials

v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 19,697,169 $ 13,427,222
Accounts receivable 16,031
Prepaid expenses 409,074 245,441
Other current assets 184,856 229,755
Total Current Assets 20,307,130 13,902,418
Property and equipment, net 2,889,554 3,119,643
Operating lease right-of-use assets 193,918
Intangible assets, net 386,038 466,905
Total Assets 23,776,640 17,488,966
Current Liabilities    
Accounts payable 509,276 807,162
Accrued liabilities 1,868,994 923,034
Management and directors' fees payable 48,775 1,200
Current portion of long-term debt 570,921 416,553
Current portion of finance lease liabilities 116,920 145,150
Current portion of operating lease liabilities 90,270
Current portion of grants repayable 38,174 40,094
Total Current Liabilities 3,243,330 2,333,193
Long-term debt, net of current portion 1,732,354 1,984,262
Finance lease liabilities, net of current portion 603,503 720,013
Operating lease liabilities, net of current portion 106,181
Grants repayable, net of current portion 289,492 311,042
Total Long-Term Liabilities 2,731,530 3,015,317
Total Liabilities 5,974,860 5,348,510
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 41,092,340 shares and 35,335,378 shares, respectively 41,092 35,335
Additional paid-in capital 103,374,419 85,604,271
Accumulated other comprehensive income 650,819 223,651
Accumulated deficit (86,264,550) (73,722,801)
Total Stockholders' Equity 17,801,780 12,140,456
Total Liabilities and Stockholders' Equity $ 23,776,640 $ 17,488,966
v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue        
Service $ 16,204 $ 16,204
Royalty 892 892
Total Revenues 17,096 17,096
Operating Expenses        
Research and development 2,642,610 2,737,856 7,596,097 7,847,531
General and administrative 1,354,992 1,450,383 4,020,893 4,949,716
Sales and marketing 195,641 259,302 718,047 845,253
Total Operating Expenses 4,193,243 4,447,541 12,335,037 13,642,500
Operating Loss (4,176,147) (4,447,541) (12,317,941) (13,642,500)
Other Income (Expenses)        
Interest income 27,633 68,656
Interest expense (32,291) (29,108) (95,507) (78,646)
Other expenses (196,957)
Total Other Expenses (4,658) (29,108) (223,808) (78,646)
Provision for Income Taxes
Net Loss (4,180,805) (4,476,649) (12,541,749) (13,721,146)
Other Comprehensive Income (Loss)        
Foreign currency translation adjustments 401,309 46,350 427,168 193,454
Net Comprehensive Loss $ (3,779,496) $ (4,430,299) $ (12,114,581) $ (13,527,692)
Net Loss per Share - Basic and Diluted $ (0.10) $ (0.14) $ (0.33) $ (0.46)
Weighted Average Shares Outstanding - Basic and Diluted 39,880,246 32,826,924 38,538,394 30,071,635
v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities    
Net Loss $ (12,541,749) $ (13,721,146)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 560,826 474,536
Loss on disposal of property and equipment 1,766
Stock based compensation 1,084,312 1,875,507
Warrants issued for services 6,379 6,453
Financing costs for warrants modified 196,957
Changes in operating assets and liabilities:    
Prepaid expenses (163,638) (204,673)
Other current assets 44,904 202,290
Accounts receivable (16,031)
Accounts payable and accrued liabilities 735,211 261,383
Right-of-use assets operating leases liabilities (48,475)
Net Cash Used In Operating Activities (10,141,304) (11,103,884)
Investing Activities:    
Purchases of property and equipment (359,502) (183,541)
Net Cash Used in Investing Activities (359,502) (183,541)
Financing Activities:    
Net proceeds from issuance of common shares 16,488,257 16,796,000
Proceeds from grants repayable 32,652 177,079
Proceeds from long-term debt 282,513 875,418
Payments from long-term debt (262,661) (369,915)
Payments on grants repayable (39,261) (40,864)
Payments on capital lease obligations (106,616) (103,999)
Net Cash Provided By Financing Activities 16,394,884 17,333,719
Effect of foreign exchange on cash 375,869 211,871
Net Change in Cash 6,269,947 6,258,165
Cash and cash equivalents - Beginning of Period 13,427,222 10,116,263
Cash and cash equivalents - End of Period 19,697,169 16,374,428
Supplemental Disclosures of Cash Flow Information    
Interest paid 95,507 78,646
Common Stock issued on cashless exercises of stock options 2 12
Offering costs from issuance of common stock $ 604,000
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