Financials

v3.19.3.a.u2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 16,966,168 $ 13,427,222
Prepaid expenses 267,518 245,441
Other current assets 322,593 229,755
Total Current Assets 17,556,279 13,902,418
Property and equipment, net 2,981,225 3,119,643
Operating lease right-of-use assets 381,483
Intangible assets, net 372,305 466,905
Total Assets 21,291,292 17,488,966
Current Liabilities    
Accounts payable 627,253 807,162
Accrued liabilities 2,168,588 923,034
Management and directors' fees payable 21,979 1,200
Current portion of long-term debt 647,569 416,553
Current portion of financing lease liabilities 97,946 145,150
Current portion of operating lease liabilities 257,244
Current portion of grant repayable 39,295 40,094
Total Current Liabilities 3,859,874 2,333,193
Long-term debt, net of current portion 2,195,278 1,984,262
Financing lease liabilities, net of current portion 607,708 720,013
Operating lease liabilities, net of current portion 131,875
Grant repayable, net of current portion 297,991 311,042
Total Liabilities 7,092,726 5,348,510
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 41,125,303 shares and 35,335,378 shares, respectively 41,125 35,335
Additional paid-in capital 103,853,627 85,604,271
Accumulated other comprehensive income 125,670 223,651
Accumulated deficit (89,821,856) (73,722,801)
Total Stockholders' Equity 14,198,566 12,140,456
Total Liabilities and Stockholders' Equity $ 21,291,292 $ 17,488,966
v3.19.3.a.u2
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenues    
Service $ 16,204
Royalty 892
Total Revenues 17,096
Operating Expenses    
Research and development 10,363,253 10,906,871
General and administrative 4,731,054 5,821,072
Sales and marketing 965,713 1,169,756
Total Operating Expenses 16,060,020 17,897,699
Operating Loss (16,042,924) (17,897,699)
Other Income (Expenses)    
Grant income 155,031
Interest income 112,367
Interest expense (126,572) (110,924)
Other expenses (196,957)
Total Other Income (Expenses) (56,131) (110,924)
Net Loss (16,099,055) (18,008,623)
Other Comprehensive Income (Loss)    
Foreign currency translation adjustments (97,981) 352,994
Net Comprehensive Loss $ (16,197,036) $ (17,655,629)
Net Loss per Share - Basic and Diluted $ (0.41) $ (0.57)
Weighted Average Shares Outstanding Basic and Diluted 39,180,369 31,389,220
v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended 113 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Operating Activities      
Net loss $ (16,099,055) $ (18,008,623) $ (89,800,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 676,815 636,380  
Amortization of operating lease right-of-use assets 225,597  
Loss on disposal of property and equipment 403  
Stock based compensation 1,458,607 2,570,095  
Warrants issued for services 8,506 22,776  
Financing costs for warrants modified 196,957  
Changes in operating assets and liabilities:      
Prepaid expenses (22,080) 10,012  
Other current assets (92,838) (29,910)  
Accounts payable and accrued liabilities 1,105,211 100,037  
Management and directors' fees payable 20,779 (34,197)  
Operating leases liabilities (217,954)  
Net Cash Used In Operating Activities (12,739,455) (14,733,027)  
Investing Activities:      
Purchases of property and equipment (511,266) (301,805)  
Net Cash Used In Investing Activities (511,266) (301,805)  
Financing Activities:      
Net proceeds from issuance of common shares 16,591,076 17,245,346  
Proceeds from grants repayable 32,795 177,079  
Proceeds from long-term debt 838,039 1,159,836  
Payments on long-term debt (351,009) (436,784)  
Payments on grants repayable (39,335) (40,877)  
Payments on financing leases (142,039) (137,513)  
Net Cash Provided By Financing Activities 16,929,527 17,967,087  
Effect of foreign exchange on cash and cash equivalents (139,860) 378,704  
Net Change in Cash and Cash Equivalents 3,538,946 3,310,959  
Cash and Cash Equivalents - Beginning of Year 13,427,222 10,116,263  
Cash and Cash Equivalents - End of Year 16,966,168 13,427,222 $ 16,966,168
Supplemental Disclosures of Cash Flow Information:      
Interest paid 126,572 110,924  
Income tax paid  
Non - Cash Financing Activities:      
Common Stock issued on cashless exercises of stock options and warrants 3 12  
Finance lease obligations 28,605  
Offering costs from issuance of common stock $ 872,571  
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