Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (unaudited)

v3.3.0.814
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating Activities    
Net loss $ (6,843,519) $ (7,271,567)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 164,330 99,904
Stock based compensation 980,399 311,907
Common stock and warrants issued for services 23,364 403,483
Non-operating income - grants received (146,812) (143,987)
(Gain) / Loss on derivative re-measurement (339,744) 3,363,561
Changes in operating assets and liabilities:    
Prepaid expenses (121,004) (61,483)
Other current assets (96,421) (88,422)
Accounts payable and accrued liabilities (304,369) 238,446
Net Cash Used In Operating Activities (6,683,776) $ (3,148,158)
Investing Activities    
Purchases of patents (55,000)
Purchases of property and equipment (270,939) $ (297,607)
Net Cash Used in Investing Activities (325,939) (297,607)
Financing Activities    
Net proceeds from issuance of common shares 11,335,921 4,893,529
Grants received 146,812 143,987
Grants repaid (33,174) $ (33,166)
Deferred grant income 48,191
Capital lease funding 203,051
Net Cash Provided By Financing Activities 11,700,801 $ 5,004,350
Effect of foreign exchange on cash 21,476 (27,622)
Increase in Cash 4,712,562 1,530,963
Cash - Beginning of Period 2,138,964 888,704
Cash - End of Period 6,851,526 2,419,667
Supplemental Disclosures of Cash Flow Information    
Interest paid $ 4,863 $ 10,274
Income tax paid
Non Cash Financing Activities:    
Reduction in Derivative Liability $ 1,237,896
Capital lease obligation for equipment purchases $ 413,616