Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities    
Net Loss $ (12,541,749) $ (13,721,146)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 560,826 474,536
Loss on disposal of property and equipment 1,766
Stock based compensation 1,084,312 1,875,507
Warrants issued for services 6,379 6,453
Financing costs for warrants modified 196,957
Changes in operating assets and liabilities:    
Prepaid expenses (163,638) (204,673)
Other current assets 44,904 202,290
Accounts receivable (16,031)
Accounts payable and accrued liabilities 735,211 261,383
Right-of-use assets operating leases liabilities (48,475)
Net Cash Used In Operating Activities (10,141,304) (11,103,884)
Investing Activities:    
Purchases of property and equipment (359,502) (183,541)
Net Cash Used in Investing Activities (359,502) (183,541)
Financing Activities:    
Net proceeds from issuance of common shares 16,488,257 16,796,000
Proceeds from grants repayable 32,652 177,079
Proceeds from long-term debt 282,513 875,418
Payments from long-term debt (262,661) (369,915)
Payments on grants repayable (39,261) (40,864)
Payments on capital lease obligations (106,616) (103,999)
Net Cash Provided By Financing Activities 16,394,884 17,333,719
Effect of foreign exchange on cash 375,869 211,871
Net Change in Cash 6,269,947 6,258,165
Cash and cash equivalents - Beginning of Period 13,427,222 10,116,263
Cash and cash equivalents - End of Period 19,697,169 16,374,428
Supplemental Disclosures of Cash Flow Information    
Interest paid 95,507 78,646
Common Stock issued on cashless exercises of stock options 2 12
Offering costs from issuance of common stock $ 604,000