Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net loss $ (26,877,374) $ (23,262,281)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 855,947 687,116
Amortization of operating lease right-of-use assets 194,036 193,444
Loss on disposal of fixed assets 15,913 0
Stock-based compensation 1,823,811 2,408,410
Gain on change in fair value of warrant liability (249,845) 0
Changes in operating assets and liabilities:    
Prepaid expenses (2,402) (227,381)
Accounts receivable (34,441) 6,960
Other current assets (45,785) 360,414
Deferred revenue, current and non-current 0 9,987,488
Accounts payable and accrued liabilities 12,128 545,266
Management and directors' fees payable (11,137) 339
Right-of-use assets operating leases liabilities (191,586) (173,830)
Net Cash Used In Operating Activities (24,510,735) (9,474,055)
Investing Activities    
Purchases of property and equipment (775,027) (991,430)
Net Cash Used In Investing Activities (775,027) (991,430)
Financing Activities    
Net proceeds from issuances of common stock 25,868,720 5,954,650
Tax withholdings paid related to stock-based compensation (153,297) (150,276)
Common stock repurchased (31,772) 0
Proceeds from grants repayable 0 210,603
Proceeds from long-term debt 216,908 1,011,835
Payments on long-term debt (680,325) (941,857)
Payments on grants repayables 27,052 (37,824)
Payments on finance lease obligations (35,071) (35,063)
Net Cash Provided By Financing Activities 25,212,215 6,012,068
Effect of foreign exchange on cash 15,244 288,173
Net change in cash and cash equivalents (58,303) (4,165,244)
Cash and cash equivalents - beginning of the period 10,867,050 20,581,313
Cash and cash equivalents - End of Period 10,808,747 16,416,069
Supplemental Disclosures of Cash Flow Information    
Interest paid 163,623 115,860
Offering costs from issuance of common stock 239,772 420,819
Non-Cash Financing Activities    
Common stock issued for settlement of vested RSUs 308 271
Fair value of warrants issued in connection with public offering 366,960 0
Non-cash note payable $ 356,258 $ 620,549