Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Operating Activities    
Net loss $ (9,530,242) $ (8,213,529)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 236,340 142,131
Stock based compensation 1,493,334 767,483
Common stock and warrants issued for services (recapture) (42,131) 708,182
Non-operating income - grants received (146,812) (143,987)
(Gain) / Loss on derivative re-measurement $ (339,744) 1,424,554
Derivative expense 995,547
Changes in operating assets and liabilities:    
Prepaid expenses $ (12,687) (78,335)
Other current assets (108,603) (24,731)
Accounts payable and accrued liabilities (315,778) 281,860
Net Cash Used In Operating Activities (8,766,323) (4,140,825)
Investing Activities    
Purchases of property and equipment (297,243) $ (302,989)
Purchase of patents (55,000)
Net Cash Used in Investing Activities (352,243) $ (302,989)
Financing Activities    
Net proceeds from issuance of common shares 12,497,621 5,626,945
Grants received 146,812 143,987
Grants repaid (33,174) $ (33,166)
Deferred grant income 48,191
Capital lease funding 223,152
Net Cash Provided By Financing Activities 12,882,602 $ 5,737,766
Effect of foreign exchange on cash 13,006 (43,692)
Increase in Cash 3,777,042 1,250,260
Cash - Beginning of Period 2,138,964 888,704
Cash - End of Period 5,916,006 2,138,964
Supplemental Disclosures of Cash Flow Information    
Interest paid $ 7,326 $ 10,541
Income tax paid
Non Cash Financing Activities:    
Common stock issued on cashless exercises of stock options $ 33
Change in derivative liability 1,237,896 $ 3,924,967
Capital lease obligation for equipment purchases $ 381,201