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, 2022
Dec. 31, 2021
Operating Activities:    
Net loss $ (30,598,469) $ (26,989,781)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 936,084 945,367
Amortization of operating lease right-of-use assets 253,864 199,793
Loss on disposal of fixed assets 0 26,166
Stock based compensation 3,114,659 2,670,297
Stock-based compensation in relation to modification of options 0 2,450,349
Changes in operating assets and liabilities:    
Prepaid expenses 433,995 (295,189)
Accounts receivable (72,609) (12,510)
Other current assets 351,514 (202,801)
Deferred revenue 9,987,488 12,512
Accounts payable and accrued liabilities 548,611 522,220
Management and directors' fees payable (184) 16,129
Operating lease liabilities (232,695) (196,471)
Net Cash Used In Operating Activities (15,277,742) (20,853,919)
Investing Activities:    
Purchases of property and equipment (1,570,182) (973,559)
Net Cash Used In Investing Activities (1,570,182) (973,559)
Financing Activities:    
Net proceeds from issuance of common shares 6,736,444 23,219,644
Tax withholdings paid related to stock-based compensation (180,472) (130,426)
Proceeds from grants repayable 218,445 37,631
Proceeds from long-term debt 1,523,098 592,423
Payments on long-term debt (1,268,386) (755,721)
Payments on grants repayable (45,664) (47,789)
Payments on financing leases (45,433) (58,210)
Net Cash Provided By Financing Activities 6,938,032 22,857,552
Effect of foreign exchange on cash and cash equivalents 195,629 106,502
Net Change in Cash and Cash Equivalents (9,714,263) 1,136,576
Cash and Cash Equivalents - Beginning of Year 20,581,313 19,444,737
Cash and Cash Equivalents - End of Year 10,867,050 20,581,313
Supplemental Disclosures of Cash Flow Information:    
Interest paid 173,087 155,803
Income tax paid $ 0 $ 0
Non-Cash Financing Activities:    
Common Stock issued on exercises of stock options and warrants and settlement of RSUs 297 102
Offering costs from issuance of common stock $ 427,443 $ 218,459
Non-cash Note Payable $ 620,549 $ 0