Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating Activities:    
Net loss $ (20,399,294) $ (16,099,055)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 716,181 676,815
Amortization of operating lease right-of-use assets 325,192 225,597
Gain on disposal of fixed assets (293,312) 0
Stock based compensation 1,391,492 1,467,113
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 (35,660) (22,080)
Accounts receivable (7,118) 0
Other current assets (254,062) (92,838)
Accounts payable and accrued liabilities 2,052,753 1,105,211
Management and directors' fees payable 33,195 20,779
Right-of-use assets operating leases liabilities (327,580) (217,954)
Net Cash Used In Operating Activities (16,464,244) (12,739,455)
Investing Activities:    
Purchases of property and equipment (1,941,060) (511,266)
Proceeds from sales of property and equipment 293,312 0
Net Cash Used In Investing Activities (1,647,748) (511,266)
Financing Activities:    
Net proceeds from issuance of common shares 21,196,532 16,591,076
Tax withholdings paid related to stock-based compensation (187,465) 0
Common stock repurchased (54,434) 0
Proceeds from grants repayable 3,802 32,795
Proceeds from long-term debt 346,465 838,039
Payments on long-term debt (545,389) (351,009)
Payments on grants repayable (41,257) (39,335)
Payments on financing leases (97,417) (142,039)
Net Cash Provided By Financing Activities 20,620,837 16,929,527
Effect of foreign exchange on cash and cash equivalents (30,276) (139,860)
Net Change in Cash and Cash Equivalents 2,478,569 3,538,946
Cash and Cash Equivalents - Beginning of Year 16,966,168 13,427,222
Cash and Cash Equivalents - End of Year 19,444,737 16,966,168
Supplemental Disclosures of Cash Flow Information:    
Interest paid 129,799 126,847
Income tax paid 0 0
Non - Cash Financing Activities:    
Common Stock issued on cashless exercises of stock options and warrants 118 3
Loan payable for purchase of manufacturing building 584,449 0
Offering costs from issuance of common stock $ 1,250,848 $ 0