Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net loss $ (11,700,057) $ (10,902,432)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 471,754 359,233
Amortization of operating lease right-of-use assets 99,035 125,871
Loss (Gain) on disposal of fixed assets 26,166 (93,202)
Stock-based compensation 893,086 553,309
Common stock issued for Director compensation in Volition Germany 0 333,969
Changes in operating assets and liabilities:    
Prepaid expenses (632,320) (317,795)
Accounts receivable (8,682) (3,223)
Other current assets 50,605 (109,213)
Accounts payable and accrued liabilities (630,236) 959,425
Management and directors' fees payable (36,791) (10,497)
Right-of-use assets operating leases liabilities (98,789) (125,331)
Net Cash Used In Operating Activities (11,566,229) (9,229,886)
Investing Activities:    
Purchases of property and equipment (703,180) (597,366)
Net Cash Used In Investing Activities (703,180) (597,366)
Financing Activities:    
Net proceeds from issuances of common stock 21,183,639 14,234,613
Tax withholdings paid related to stock-based compensation (130,426) 0
Common stock repurchased 0 (54,434)
Proceeds from grants repayable 37,672 3,802
Proceeds from long-term debt 79,614 0
Payments on long-term debt (383,782) (234,172)
Payments on grants repayable (47,830) 0
Payments on finance lease obligations (29,347) (69,483)
Net Cash Provided By Financing Activities 20,709,540 13,880,326
Effect of foreign exchange on cash 28,301 286,024
Net Change in Cash 8,468,432 4,339,098
Cash and cash equivalents - Beginning of Period 19,444,737 16,966,168
Cash and cash equivalents - End of Period 27,913,169 21,305,266
Supplemental Disclosures of Cash Flow Information:    
Interest paid 81,869 56,383
Non-Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 80 20
Offering costs from issuance of common stock $ 119,029 $ 1,229,169