Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 18,472,964 $ 21,678,734
Prepaid expenses 344,269 165,927
Other current assets 169,083 166,887
Total Current Assets 18,986,316 22,011,548
Property and equipment, net 2,955,205 2,119,027
Intangible assets, net 588,801 602,193
Total Assets 22,530,322 24,732,768
LIABILITIES    
Accounts payable 620,669 281,179
Accrued liabilities 1,283,641 1,439,275
Management and directors' fees payable 90,220 81,057
Current portion of long-term debt 66,503 30,655
Current portion of capital lease liabilities 121,666 119,016
Deferred grant income 46,229 45,510
Current portion of grant repayable 37,386 36,804
Total Current Liabilities 2,266,314 2,033,496
Long-term debt 691,891 432,027
Capital lease liabilities 873,159 889,810
Grant repayable 205,520 202,325
Total Liabilities 4,036,884 3,557,658
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 26,145,549 shares and 26,126,049 shares, respectively 26,146 26,126
Additional paid-in capital 62,924,738 62,287,252
Accumulated other comprehensive loss (161,792) (193,297)
Accumulated Deficit (44,295,654) (40,944,971)
Total Stockholders' Equity 18,493,438 21,175,110
Total Liabilities and Stockholders' Equity $ 22,530,322 $ 24,732,768
v3.7.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Condensed Consolidated Statements Of Operations And Comprehensive Loss    
Revenue
Operating Expenses    
General and administrative 244,187 228,195
Sales and marketing 148,593 31,880
Professional fees 322,593 447,308
Salaries and office administrative fees 793,758 322,425
Research and development 1,841,552 1,462,820
Total Operating Expenses 3,350,683 2,492,628
Operating Loss (3,350,683) (2,492,628)
Provision for income taxes
Net Loss (3,350,683) (2,492,628)
Other Comprehensive Income    
Foreign currency translation adjustments 31,505 18,380
Total Other Comprehensive Income 31,505 18,380
Net Comprehensive Loss $ (3,319,178) $ (2,474,248)
Net Loss per Share - Basic and Diluted $ (0.13) $ (0.13)
Weighted Average Shares Outstanding - Basic and Diluted 26,128,934 19,289,484
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Activities    
Net loss $ (3,350,683) $ (2,492,628)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 93,277 72,243
Loss on disposal of property & equipment 1,929
Stock based compensation 584,261 152,657
Warrants issued for services 9,945 (71,647)
Changes in operating assets and liabilities:    
Prepaid expenses (178,011) (102,934)
Other current assets 3,151 (5,376)
Accounts payable and accrued liabilities 166,243 286,250
Net Cash Used In Operating Activities (2,669,888) (2,161,435)
Investing Activities    
Purchases of property and equipment (874,891)
Net Cash Used in Investing Activities (874,891)
Financing Activities    
Net proceeds from issuance of common shares 43,300 13,257,030
Proceeds from debt payable 287,648
Payments on capital lease obligations (29,858) (20,370)
Net Cash Provided By Financing Activities 301,090 13,236,660
Effect of foreign exchange on cash 37,919 16,231
Net Change in Cash (3,205,770) 11,091,456
Cash and cash equivalents - Beginning of Period 21,678,734 5,916,006
Cash and cash equivalents - End of Period 18,472,964 17,007,462
Supplemental Disclosures of Cash Flow Information    
Interest paid 12,205 2,364
Income tax paid
Non Cash Financing Activities:    
Capital lease obligation for equipment purchases $ 994,825 $ 375,932
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