Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net loss $ (18,424,186) $ (15,450,010)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 560,313 449,706
Amortization of operating lease right-of-use assets 127,210 133,260
Stock-based compensation 1,285,831 1,769,335
Gain on change in fair value of warrant liability (28,971) 0
Changes in operating assets and liabilities:    
Prepaid expenses (166,351) (337,701)
Accounts receivable (196,487) 3,963
Other current assets (95,073) (187,337)
Deferred revenue, current and non-current 0 9,987,488
Accounts payable and accrued liabilities 961,764 1,088,936
Management and directors' fees payable 9,019 2,958
Right-of-use assets operating leases liabilities (125,393) (115,548)
Net Cash Used In Operating Activities (16,092,324) (2,654,950)
Investing Activities    
Purchases of property and equipment (501,986) (665,942)
Net Cash Used In Investing Activities (501,986) (665,942)
Financing Activities    
Net proceeds from issuances of common stock 25,881,221 9,464
Tax withholdings paid related to stock-based compensation (80,231) (67,988)
Common stock repurchased (31,772) 0
Proceeds from long-term debt 216,908 0
Payments on long-term debt (475,965) (631,667)
Payments on finance lease obligations (23,188) (24,384)
Net Cash Provided By (Used In) Financing Activities 25,486,973 (714,575)
Effect of foreign exchange on cash (16,439) 184,595
Net change in cash and cash equivalents 8,876,224 (3,850,872)
Cash and cash equivalents - beginning of the period 10,867,050 20,581,313
Cash and cash equivalents - End of Period 19,743,274 16,730,441
Supplemental Disclosures of Cash Flow Information    
Interest paid 109,643 78,161
Non-Cash Financing Activities    
Common stock issued on cashless exercises of stock options and settlement of vested RSUs 102 72
Offering costs from issuance of common stock 239,772 0
Fair value of warrants issued in connection with public offering 366,960 0
Non-cash note payable $ 356,258 $ 620,549