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 ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net loss $ (8,921,134) $ (6,843,519)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 230,606 164,330
Loss on disposal of property & equipment 3,668
Stock based compensation 1,106,623 980,399
Loss on warrant re-measurement 105,995 23,364
Non-operating income - grants received (25,891) (146,812)
Gain on derivative re-measurement (339,744)
Changes in operating assets and liabilities:    
Prepaid expenses (35,283) (121,004)
Other current assets (36,456) (96,421)
Accounts payable and accrued liabilities 872,934 (101,318)
Net Cash Used In Operating Activities (6,698,938) (6,480,725)
Investing Activities    
Purchase of patents (55,000)
Purchases of property and equipment (89,433) (67,888)
Net Cash Used in Investing Activities (89,433) (122,888)
Financing Activities    
Net proceeds from issuance of common shares 13,506,295 11,335,921
Grants received 25,891 146,812
Grants repaid (36,135) (33,174)
Deferred grant income (335) 48,191
Capital lease funding (62,225) (203,051)
Net Cash Provided By Financing Activities 13,433,491 11,294,699
Effect of foreign exchange on cash (33,343) 21,476
Increase in Cash 6,611,777 4,712,562
Cash and cash equivalents - Beginning of Period 5,916,006 2,138,964
Cash and cash equivalents - End of Period 12,527,783 6,851,526
Supplemental Disclosures of Cash Flow    
Interest paid 9,159 4,863
Income tax paid
Non Cash Investing and Financing Activities:    
Common stock issued on cashless exercises of options 21
Reduction in derivative liability 1,237,896
Capital lease obligation for equipment purchases $ 329,334 $ 413,616