Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net loss $ (15,238,380) $ (12,541,749)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 525,150 509,736
Amortization of operating lease right-of-use assets 194,749 51,090
Gain on disposal of fixed assets (293,595) 0
Stock-based compensation 981,992 1,090,691
Common stock issued for Director compensation in Volition Germany 333,969 0
Financing costs for warrants modified 0 196,957
Changes in operating assets and liabilities:    
Prepaid expenses (177,354) (163,638)
Accounts receivable (573) (16,031)
Other current assets (274,398) 44,904
Accounts payable and accrued liabilities 365,167 687,636
Management and directors' fees payable 47,672 47,575
Right-of-use assets operating leases liabilities (194,146) (48,475)
Net Cash Used In Operating Activities (13,729,747) (10,141,304)
Investing Activities:    
Purchases of property and equipment (679,782) (359,502)
Proceeds from sales of property and equipment 97,388 0
Net Cash Used In Investing Activities (582,394) (359,502)
Financing Activities:    
Net proceeds from issuances of common shares 19,200,954 16,488,257
Tax withholdings paid related to stock-based compensation (187,465) 0
Common stock repurchased (54,434) 0
Proceeds from grants repayable 3,802 32,652
Proceeds from long-term debt 0 282,513
Payments on long-term debt (356,701) (262,661)
Payment on grants repayable (41,257) (39,261)
Payments on finance lease obligations (83,221) (106,616)
Net Cash Provided By Financing Activities 18,481,678 16,394,884
Effect of foreign exchange on cash (207,976) 375,869
Total Net Change in Cash 3,961,561 6,269,947
Cash and cash equivalents - Beginning of Period 16,966,168 13,427,222
Cash and cash equivalents - End of Period 20,927,729 19,697,169
Supplemental Disclosures of Cash Flow Information:    
Interest paid 91,105 95,507
Non-Cash Financing Activities:    
Common Stock issued on cashless exercises of stock options 118 2
Offering costs from issuance of common stock $ 1,229,169 $ 0