Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net loss $ (6,125,570) $ (5,859,339)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 227,342 180,188
Amortization of operating lease right-of-use assets 50,046 63,025
Stock-based compensation 555,342 192,669
Common stock issued for Director compensation in Volition Germany 0 333,969
Changes in operating assets and liabilities:    
Prepaid expenses (792,793) (485,529)
Accounts receivable (14,238) (242)
Other current assets 86,907 (55,182)
Accounts payable and accrued liabilities (87,002) 859,478
Management and directors' fees payable (15,690) 33,681
Right-of-use assets operating leases liabilities (49,485) (61,614)
Net Cash Used In Operating Activities (6,165,141) (4,798,896)
Investing Activities:    
Purchases of property and equipment (483,940) (330,691)
Net Cash Used In Investing Activities (483,940) (330,691)
Financing Activities:    
Net proceeds from issuances of common shares 20,328,928 0
Tax withholdings paid related to stock-based compensation (23,758) 0
Common stock repurchased 0 (54,434)
Proceeds from grants repayable 0 3,802
Proceeds from long-term debt 79,590 0
Payments on long-term debt (161,727) (115,884)
Payments on finance lease obligations (14,722) (35,575)
Net Cash Provided By (Used In) Financing Activities 20,208,311 (202,091)
Effect of foreign exchange on cash 57,744 335,727
Net Change in Cash 13,616,974 (4,995,951)
Cash and cash equivalents - Beginning of Period 19,444,737 16,966,168
Cash and cash equivalents - End of Period 33,061,711 11,970,217
Supplemental Disclosures of Cash Flow Information:    
Interest paid 42,181 33,779
Non-Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 80 20
Offering costs from issuance of common stock $ 119,029 $ 0