Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
ASSETS    
Cash $ 9,309,349 $ 2,138,964
Prepaid expenses 260,795 144,095
Other current assets 118,731 52,659
Total Current Assets 9,688,875 2,335,718
Property and equipment, net 887,685 288,585
Intangible assets, net 758,542 808,726
Total Assets 11,335,102 3,433,029
LIABILITIES    
Accounts payable and accrued liabilities 712,089 797,909
Management and directors' fees payable $ 88,332 146,016
Derivative Liability   $ 1,577,640
Current portion of capital lease liability $ 264,012  
Deferred grant income 174,795 $ 191,512
Current portion of grant repayable 35,501  
Total Current Liabilities 1,274,729 $ 2,713,077
Capital lease liability, net of current portion 346,662  
Deferred grant income, net of current portion 48,013  
Grant repayable, net of current portion 252,284 $ 351,773
Total Liabilities $ 1,921,688 $ 3,064,850
STOCKHOLDERS' EQUITY    
Preferred Stock Authorized: 1,000,000 shares of preferred stock, at $0.001 par value Issued and outstanding: Nil shares and Nil shares, respectively    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 18,034,715 shares and 14,691,332 shares, respectively $ 18,035 $ 14,691
Additional paid-in capital 32,865,435 19,966,771
Accumulated other comprehensive loss (79,712) (103,832)
Accumulated Deficit (23,390,344) (19,509,451)
Total Stockholders' Equity 9,413,414 368,179
Total Liabilities and Stockholders' Equity $ 11,335,102 $ 3,433,029