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 113 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Operating Activities      
Net loss $ (16,099,055) $ (18,008,623) $ (89,800,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 676,815 636,380  
Amortization of operating lease right-of-use assets 225,597  
Loss on disposal of property and equipment 403  
Stock based compensation 1,458,607 2,570,095  
Warrants issued for services 8,506 22,776  
Financing costs for warrants modified 196,957  
Changes in operating assets and liabilities:      
Prepaid expenses (22,080) 10,012  
Other current assets (92,838) (29,910)  
Accounts payable and accrued liabilities 1,105,211 100,037  
Management and directors' fees payable 20,779 (34,197)  
Operating leases liabilities (217,954)  
Net Cash Used In Operating Activities (12,739,455) (14,733,027)  
Investing Activities:      
Purchases of property and equipment (511,266) (301,805)  
Net Cash Used In Investing Activities (511,266) (301,805)  
Financing Activities:      
Net proceeds from issuance of common shares 16,591,076 17,245,346  
Proceeds from grants repayable 32,795 177,079  
Proceeds from long-term debt 838,039 1,159,836  
Payments on long-term debt (351,009) (436,784)  
Payments on grants repayable (39,335) (40,877)  
Payments on financing leases (142,039) (137,513)  
Net Cash Provided By Financing Activities 16,929,527 17,967,087  
Effect of foreign exchange on cash and cash equivalents (139,860) 378,704  
Net Change in Cash and Cash Equivalents 3,538,946 3,310,959  
Cash and Cash Equivalents - Beginning of Year 13,427,222 10,116,263  
Cash and Cash Equivalents - End of Year 16,966,168 13,427,222 $ 16,966,168
Supplemental Disclosures of Cash Flow Information:      
Interest paid 126,572 110,924  
Income tax paid  
Non - Cash Financing Activities:      
Common Stock issued on cashless exercises of stock options and warrants 3 12  
Finance lease obligations 28,605  
Offering costs from issuance of common stock $ 872,571