Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 18,472,964 $ 21,678,734
Prepaid expenses 344,269 165,927
Other current assets 169,083 166,887
Total Current Assets 18,986,316 22,011,548
Property and equipment, net 2,955,205 2,119,027
Intangible assets, net 588,801 602,193
Total Assets 22,530,322 24,732,768
LIABILITIES    
Accounts payable 620,669 281,179
Accrued liabilities 1,283,641 1,439,275
Management and directors' fees payable 90,220 81,057
Current portion of long-term debt 66,503 30,655
Current portion of capital lease liabilities 121,666 119,016
Deferred grant income 46,229 45,510
Current portion of grant repayable 37,386 36,804
Total Current Liabilities 2,266,314 2,033,496
Long-term debt 691,891 432,027
Capital lease liabilities 873,159 889,810
Grant repayable 205,520 202,325
Total Liabilities 4,036,884 3,557,658
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 26,145,549 shares and 26,126,049 shares, respectively 26,146 26,126
Additional paid-in capital 62,924,738 62,287,252
Accumulated other comprehensive loss (161,792) (193,297)
Accumulated Deficit (44,295,654) (40,944,971)
Total Stockholders' Equity 18,493,438 21,175,110
Total Liabilities and Stockholders' Equity $ 22,530,322 $ 24,732,768