Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating Activities    
Net loss $ (11,905,278) $ (9,530,242)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 309,406 236,340
Loss on disposal of property & equipment 3,668
Stock based compensation 1,678,748 1,493,334
Common stock and warrants issued for services 164,173 (42,131)
Non-operating income - grants received (361,325) (146,812)
Gain on derivative re-measurement (339,744)
Changes in operating assets and liabilities:    
Prepaid expenses (13,168) (12,687)
Other current assets (22,859) (108,603)
Accounts payable and accrued liabilities 1,090,942 (95,729)
Net Cash Used In Operating Activities (9,055,693) (8,546,274)
Investing Activities    
Purchases of property and equipment (415,091) (77,195)
Purchase of patents (55,000)
Net Cash Used in Investing Activities (415,091) (132,195)
Financing Activities    
Net proceeds from issuance of common shares 25,302,274 12,497,621
Proceeds from debt payable 474,769
Grants received 361,325 146,812
Grants repaid (36,135) (33,174)
Deferred grant income (170,343) 48,191
Payments on capital lease obligations (552,534) (216,945)
Net Cash Provided By Financing Activities 25,379,356 12,442,505
Effect of foreign exchange on cash and cash equivalents (145,844) 13,006
Increase in cash and cash equivalents 15,762,728 3,777,042
Cash and cash equivalents - Beginning of Period 5,916,006 2,138,964
Cash and cash equivalents - End of Period 21,678,734 5,916,006
Supplemental Disclosures of Cash Flow Information    
Interest paid 20,378 7,326
Income tax paid
Non Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 54 33
Reduction in derivative liability 1,237,896
Capital lease obligation for equipment purchases $ 1,008,826 $ 381,201