Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net loss $ (5,859,339) $ (4,203,773)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 180,188 167,786
Amortization of operating lease right-of-use assets 63,025 12,062
Stock based compensation 165,464 338,331
Warrants issued for services 27,205 2,127
Shares issued for Director compensation in Volition Germany 333,969
Financing costs for warrants modified 196,957
Changes in operating assets and liabilities:    
Prepaid expenses (485,529) (412,643)
Accounts receivable (242)
Other current assets (55,182) (17,745)
Accounts payable and accrued liabilities 859,478 273,365
Management and directors' fees payable 33,681 4,076
Right-of-use assets operating leases liabilities (61,614) (11,440)
Net Cash Used In Operating Activities (4,798,896) (3,650,897)
Investing Activities:    
Purchases of property and equipment (330,691) (112,102)
Net Cash Used In Investing Activities (330,691) (112,102)
Financing Activities:    
Net proceeds from issuances of common shares 6,660,671
Common stock repurchased (54,434)
Proceeds from grants repayable 3,802 32,652
Payments on long-term debt (115,884) (87,577)
Payments on finance lease obligations (35,575) (35,678)
Net Cash (Used In) Provided By Financing Activities (202,091) 6,570,068
Effect of foreign exchange on cash 335,727 (68,019)
Net Change in Cash (4,995,951) 2,739,050
Cash and cash equivalents - Beginning of Period 16,966,168 13,427,222
Cash and cash equivalents - End of Period 11,970,217 16,166,272
Supplemental Disclosures of Cash Flow Information:    
Interest paid 33,779 30,101
Non-Cash Financing Activities:    
Common Stock issued on cashless exercises of stock options $ 20