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, 2018
Dec. 31, 2017
Operating Activities    
Net loss $ (18,008,623) $ (14,769,207)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 636,380 528,166
Loss on disposal of property & equipment 403 38,941
Stock based compensation 2,570,095 2,435,088
Warrants issued for services 22,776 54,510
Changes in operating assets and liabilities:    
Deferred grant income (50,855)
Prepaid expenses 10,012 (82,733)
Other current assets (29,910) (7,486)
Accounts payable and accrued liabilities 65,840 (339,662)
Net Cash Used In Operating Activities (14,733,027) (12,193,238)
Investing Activities:    
Purchases of property and equipment (301,805) (1,425,215)
Net Cash Used in Investing Activities (301,805) (1,425,215)
Financing Activities:    
Net proceeds from issuance of common shares 17,245,346 998,413
Proceeds from grants repayable 177,079
Proceeds from long term debt 1,159,836 1,201,980
Payments on long term debt (436,784) (52,420)
Payments on grants repayable (40,877) (45,422)
Payments on capital lease obligations (137,513) (135,597)
Net Cash Provided By Financing Activities 17,967,087 1,966,954
Effect of foreign exchange on cash and cash equivalents 378,704 89,028
Net Change in Cash and Cash Equivalents 3,310,959 (11,562,471)
Cash and Cash Equivalents – Beginning of Year 10,116,263 21,678,734
Cash and Cash Equivalents – End of Year 13,427,222 10,116,263
Supplemental Disclosures of Cash Flow Information :    
Interest paid 110,924 73,133
Income tax paid
Non - Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 12 1
Capital lease obligation 28,605
Offering costs from common stock issuances $ 872,571