Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating Activities    
Net loss $ (5,441,994) $ (3,880,893)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 151,780 91,458
Stock based compensation 579,506 431,330
Gain on warrant re-measurement (112,615) (20,641)
Non-operating income - grants received (25,891) (146,812)
Gain on derivative re-measurement (339,744)
Changes in operating assets and liabilities:    
Prepaid expenses (57,362) (119,261)
Other current assets (68,253) (70,173)
Accounts payable and accrued liabilities 416,362 (83,606)
Net Cash Used In Operating Activities (4,558,467) (4,138,342)
Investing Activities    
Purchase of patents (55,000)
Purchases of property and equipment (68,382) (62,247)
Net Cash Used in Investing Activities (68,382) (117,247)
Financing Activities    
Net proceeds from issuance of common shares 13,313,795 11,253,421
Grants received 25,891 146,812
Grants repaid (36,135) (33,174)
Deferred grant income 48,831
Capital lease funding (41,358)
Net Cash Provided By Financing Activities 13,262,193 11,415,890
Effect of foreign exchange on cash (51,056) 10,084
Increase in Cash 8,584,288 7,170,385
Cash and cash equivalents - Beginning of Period 5,916,006 2,138,964
Cash and cash equivalents - End of Period 14,500,294 9,309,349
Supplemental Disclosures of Cash Flow Information    
Interest paid 6,897
Income tax paid
Non Cash Investing and Financing Activities:    
Common stock issued on cashless exercises of stock options 21
Reduction in derivative liability 1,237,896
Capital lease obligation for equipment purchases $ 346,968 $ 610,674