Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 16,505,210 $ 21,678,734
Prepaid expenses 299,290 165,927
Other current assets 146,982 166,887
Total Current Assets 16,951,482 22,011,548
Property and equipment, net 3,418,703 2,119,027
Intangible assets, net 599,139 602,193
Total Assets 20,969,324 24,732,768
LIABILITIES    
Accounts payable 369,754 281,179
Accrued liabilities 1,434,065 1,439,275
Management and directors' fees payable 79,163 81,057
Current portion of long-term debt 138,037 30,655
Current portion of capital lease liabilities 130,936 119,016
Deferred grant income 49,436 45,510
Current portion of grant repayable 39,979 36,804
Total Current Liabilities 2,241,370 2,033,496
Long-term debt 1,064,515 432,027
Capital lease liabilities 900,693 889,810
Grant repayable 179,800 202,325
Total Liabilities 4,386,378 3,557,658
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 26,468,700 shares and 26,126,049 shares, respectively 26,469 26,126
Additional paid-in capital 64,415,602 62,287,252
Accumulated other comprehensive loss (100,483) (193,297)
Accumulated Deficit (47,758,642) (40,944,971)
Total Stockholders' Equity 16,582,946 21,175,110
Total Liabilities and Stockholders' Equity $ 20,969,324 $ 24,732,768
v3.7.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Condensed Consolidated Statements Of Operations And Comprehensive Loss        
Revenue    
Expenses        
General and administrative $ 258,657 $ 166,056 502,843 394,251
Sales and marketing 152,642 128,722 301,235 160,602
Professional fees 339,872 424,631 662,465 871,939
Salaries and office administrative fees 983,350 506,691 1,777,109 829,117
Research and development 1,728,467 1,749,157 3,570,019 3,211,976
Total Operating Expenses 3,462,988 2,975,257 6,813,671 5,467,885
Net Operating Loss (3,462,988) (2,975,257) (6,813,671) (5,467,885)
Other Income        
Grants received 25,891 25,891
Total Other Income 25,891 25,891
Income tax expense
Net Loss (3,462,988) (2,949,366) (6,813,671) (5,441,994)
Other Comprehensive Income/(Loss)        
Foreign currency translation adjustments 61,309 (67,425) 92,814 (49,045)
Total Other Comprehensive Income/(Loss) 61,309 (67,425) 92,814 (49,045)
Net Comprehensive Loss $ (3,401,679) $ (3,016,791) $ (6,720,857) $ (5,491,039)
Net Loss per Share - Basic and Diluted $ (0.13) $ (0.13) $ (0.26) $ (0.25)
Weighted Average Shares Outstanding - Basic and Diluted 26,383,228 23,412,262 26,137,241 21,346,835
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities    
Net loss $ (6,813,671) $ (5,441,994)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 225,740 151,780
Loss on disposal of property & equipment 1,929
Stock based compensation 1,220,798 579,506
Warrants issued for services 28,482 (112,615)
Non-operating income – grants received (25,891)
Changes in operating assets and liabilities:    
Prepaid expenses (131,526) (57,362)
Other current assets 31,560 (68,253)
Accounts payable and accrued liabilities (46,685) 416,362
Net Cash Used In Operating Activities (5,483,373) (4,558,467)
Investing Activities    
Purchases of property and equipment (1,234,892) (68,382)
Net Cash Used in Investing Activities (1,234,892) (68,382)
Financing Activities    
Net proceeds from issuance of common shares 879,412 13,313,795
Proceeds from debt payable 664,573
Grants received 25,891
Grants repaid (38,487) (36,135)
Payments on capital lease obligations (60,874) (41,358)
Net Cash Provided By Financing Activities 1,444,624 13,262,193
Effect of foreign exchange on cash 100,117 (51,056)
(Decrease)/Increase in Cash (5,173,524) 8,584,288
Cash and cash equivalents - Beginning of Period 21,678,734 5,916,006
Cash and cash equivalents - End of Period 16,505,210 14,500,294
Supplemental Disclosures of Cash Flow Information    
Interest paid 32,639 6,897
Income tax paid
Non Cash Investing and Financing Activities:    
Common stock issued on cashless exercises of stock options $ 21
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