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, 2021
Dec. 31, 2020
Operating Activities:    
Net loss $ (26,989,781) $ (20,399,294)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 945,367 716,181
Amortization of operating lease right-of-use assets 199,793 325,192
Loss (Gain) on disposal of fixed assets 26,166 (293,312)
Stock based compensation 2,670,297 1,391,492
Common stock issued for Director compensation in Volition Germany 0 333,969
Stock-based compensation in relation to modification of options 2,450,349 0
Changes in operating assets and liabilities:    
Prepaid expenses (295,189) (35,660)
Accounts receivable (12,510) (7,118)
Other current assets (202,801) (254,062)
Accounts payable and accrued liabilities 534,732 2,052,753
Management and directors' fees payable 16,129 33,195
Right-of-use assets operating leases liabilities (196,471) (327,580)
Net Cash Used In Operating Activities (20,853,919) (16,464,244)
Investing Activities:    
Purchases of property and equipment (973,559) (1,941,060)
Proceeds from sales of property and equipment 0 293,312
Net Cash Used In Investing Activities (973,559) (1,647,748)
Financing Activities:    
Net proceeds from issuance of common shares 23,219,644 21,196,532
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 592,423 346,465
Payments on long-term debt (755,721) (545,389)
Payments on grants repayable (47,789) (41,257)
Payments on financing leases (58,210) (97,417)
Net Cash Provided By Financing Activities 22,857,552 20,620,837
Effect of foreign exchange on cash and cash equivalents 106,502 (30,276)
Net Change in Cash and Cash Equivalents 1,136,576 2,478,569
Cash and Cash Equivalents - End of Year 20,581,313 19,444,737
Cash and Cash Equivalents - Beginning of Year 19,444,737 16,966,168
Supplemental Disclosures of Cash Flow Information:    
Interest paid 155,803 129,799
Income tax paid $ 0 $ 0
Non-Cash Financing Activities:    
Common Stock issued on exercises of stock options and warrants and settlement of RSUs 102 118
Loan payable for purchase of manufacturing building $ 0 $ 584,449
Offering costs from issuance of common stock $ 218,459 $ 1,250,848