Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 21,678,734 $ 5,916,006
Prepaid expenses 165,927 152,926
Other current assets 166,887 153,723
Total Current Assets 22,011,548 6,222,655
Property and equipment, net 2,119,027 783,805
Intangible assets, net 602,193 705,381
Total Assets 24,732,768 7,711,841
LIABILITIES    
Accounts payable 281,179 323,513
Accrued liabilities 1,439,275 388,647
Management and directors' fees payable 81,057 71,893
Current portion of long-term debt 30,655
Current portion of capital lease liabilities 119,016 81,338
Deferred grant income 45,510 219,360
Current portion of grant repayable 36,804 34,899
Total Current Liabilities 2,033,496 1,119,650
Long-term debt 432,027
Capital lease liabilities 889,810 299,863
Grant repayable 202,325 248,009
Total Liabilities 3,557,658 1,667,522
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares, at $0.001 par value Issued and outstanding: 26,126,049 shares and 18,763,272 shares respectively 26,126 18,763
Additional paid-in capital 62,287,252 35,149,420
Accumulated other comprehensive loss (193,297) (84,171)
Accumulated Deficit (40,944,971) (29,039,693)
Total Stockholders' Equity 21,175,110 6,044,319
Total Liabilities and Stockholders' Equity $ 24,732,768 $ 7,711,841
v3.7.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Consolidated Statements Of Operations And Comprehensive Loss    
Revenue
Operating Expenses    
General and administrative 741,655 669,016
Professional fees 2,366,057 1,606,259
Salaries and office administrative fees 2,321,376 1,628,726
Research and development 6,837,515 6,101,718
Total Operating Expenses 12,266,603 10,005,719
Net Operating Loss (12,266,603) (10,005,719)
Other Income (Expenses)    
Grants received 361,325 146,812
Other expenses (15,683)
Gain on derivative re-measurement 339,744
Net Other Income 361,325 470,873
Provision for income taxes 4,604
Net Loss (11,905,278) (9,530,242)
Other Comprehensive (Loss) Gain    
Foreign currency translation adjustments (109,126) 19,661
Total Other Comprehensive (Loss) Gain (109,126) 19,661
Net Comprehensive Loss $ (12,014,404) $ (9,510,581)
Net Loss per Share - Basic and Diluted $ (0.52) $ (0.54)
Weighted Average Shares Outstanding - Basic and Diluted 23,049,089 17,731,809
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating Activities    
Net loss $ (11,905,278) $ (9,530,242)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 309,406 236,340
Loss on disposal of property & equipment 3,668
Stock based compensation 1,678,748 1,493,334
Common stock and warrants issued for services 164,173 (42,131)
Non-operating income - grants received (361,325) (146,812)
Gain on derivative re-measurement (339,744)
Changes in operating assets and liabilities:    
Prepaid expenses (13,168) (12,687)
Other current assets (22,859) (108,603)
Accounts payable and accrued liabilities 1,090,942 (95,729)
Net Cash Used In Operating Activities (9,055,693) (8,546,274)
Investing Activities    
Purchases of property and equipment (415,091) (77,195)
Purchase of patents (55,000)
Net Cash Used in Investing Activities (415,091) (132,195)
Financing Activities    
Net proceeds from issuance of common shares 25,302,274 12,497,621
Proceeds from debt payable 474,769
Grants received 361,325 146,812
Grants repaid (36,135) (33,174)
Deferred grant income (170,343) 48,191
Payments on capital lease obligations (552,534) (216,945)
Net Cash Provided By Financing Activities 25,379,356 12,442,505
Effect of foreign exchange on cash and cash equivalents (145,844) 13,006
Increase in cash and cash equivalents 15,762,728 3,777,042
Cash and cash equivalents - Beginning of Period 5,916,006 2,138,964
Cash and cash equivalents - End of Period 21,678,734 5,916,006
Supplemental Disclosures of Cash Flow Information    
Interest paid 20,378 7,326
Income tax paid
Non Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 54 33
Reduction in derivative liability 1,237,896
Capital lease obligation for equipment purchases $ 1,008,826 $ 381,201
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