Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net loss $ (18,881,555) $ (15,238,380)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 708,520 525,150
Amortization of operating lease right-of-use assets 148,075 194,749
Loss (Gain) on disposal of fixed assets 26,167 (293,595)
Stock-based compensation 2,393,568 981,992
Common stock issued for Director compensation in Volition Germany 0 333,969
Changes in operating assets and liabilities:    
Prepaid expenses (595,008) (177,354)
Accounts receivable (12,416) (573)
Other current assets (20,010) (274,398)
Accounts payable and accrued liabilities (27,183) 365,167
Management and directors' fees payable (36,749) 47,672
Right-of-use assets operating leases liabilities (147,924) (194,146)
Net Cash Used In Operating Activities (16,444,515) (13,729,747)
Investing Activities:    
Purchases of property and equipment (844,987) (679,782)
Proceeds from sales of property and equipment 0 97,388
Net Cash Used In Investing Activities (844,987) (582,394)
Financing Activities:    
Net proceeds from issuances of common stock 21,436,571 19,200,954
Tax withholdings paid related to stock-based compensation (130,426) (187,465)
Common stock repurchased 0 (54,434)
Proceeds from grants repayable 37,631 3,802
Proceeds from long-term debt 79,614 0
Payments on long-term debt (571,616) (356,701)
Payments on grants repayable (47,789) (41,257)
Payments on finance lease obligations (43,881) (83,221)
Net Cash Provided By Financing Activities 20,760,104 18,481,678
Effect of foreign exchange on cash (13,555) (207,976)
Net Change in Cash 3,457,047 3,961,561
Cash and cash equivalents - Beginning of Period 19,444,737 16,966,168
Cash and cash equivalents - End of Period 22,901,784 20,927,729
Supplemental Disclosures of Cash Flow Information:    
Interest paid 120,636 91,105
Non-Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 102 118
Offering costs from issuance of common stock $ 125,494 $ 1,229,169