Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Cash $ 5,916,006 $ 2,138,964
Prepaid expenses 152,926 144,095
Other current assets 153,723 52,659
Total Current Assets 6,222,655 2,335,718
Property and equipment, net 783,805 288,585
Intangible assets, net 705,381 808,726
Total Assets 7,711,841 3,433,029
LIABILITIES    
Accounts payable and accrued liabilities 712,160 797,909
Management and directors' fees payable $ 71,893 146,016
Derivative Liability $ 1,577,640
Capital lease liabilities $ 81,338
Deferred grant income 219,360 $ 191,512
Grant repayable 34,899
Total Current Liabilities 1,119,650 $ 2,713,077
Capital lease liabilities 299,863
Grant repayable 248,009 $ 351,773
Total Liabilities $ 1,667,522 $ 3,064,850
STOCKHOLDERS' EQUITY    
Preferred Stock Authorized: 1,000,000 shares, at $0.001 par value Issued and outstanding: Nil shares and Nil respectively
Common Stock Authorized: 100,000,000 shares, at $0.001 par value Issued and outstanding: 18,763,272 shares and 14,691,332 respectively $ 18,763 $ 14,691
Additional paid-in capital 35,149,420 19,966,771
Accumulated other comprehensive loss (84,171) (103,832)
Accumulated Deficit (29,039,693) (19,509,451)
Total Stockholders' Equity 6,044,319 368,179
Total Liabilities and Stockholders' Equity $ 7,711,841 $ 3,433,029