Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 13,840,930 $ 21,678,734
Prepaid expenses 244,667 165,927
Other current assets 170,883 166,887
Total Current Assets 14,256,480 22,011,548
Property and equipment, net 3,510,355 2,119,027
Intangible assets, net 592,876 602,193
Total Assets 18,359,711 24,732,768
LIABILITIES    
Accounts payable 431,734 281,179
Accrued liabilities 1,759,161 1,439,275
Management and directors' fees payable 54,994 81,057
Current portion of long-term debt 408,307 30,655
Current portion of capital lease liabilities 136,307 119,016
Deferred grant income 45,510
Current portion of grant repayable 41,356 36,804
Total Current Liabilities 2,831,859 2,033,496
Long-term debt 1,050,536 432,027
Capital lease liabilities 897,303 889,810
Grant repayable 185,991 202,325
Total Liabilities 4,965,689 3,557,658
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 26,518,700 shares and 26,126,049 shares, respectively 26,519 26,126
Additional paid-in capital 65,151,681 62,287,252
Accumulated other comprehensive loss (132,882) (193,297)
Accumulated Deficit (51,651,296) (40,944,971)
Total Stockholders' Equity 13,394,022 21,175,110
Total Liabilities and Stockholders' Equity $ 18,359,711 $ 24,732,768
v3.8.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Condensed Consolidated Statements Of Operations And Comprehensive Loss        
Revenue
Expenses        
General and administrative 226,606 163,870 729,449 558,120
Sales and marketing 134,737 88,989 435,971 249,591
Professional fees 520,372 400,698 1,182,837 1,272,638
Salaries and office administrative fees 943,510 857,093 2,720,620 1,686,210
Research and development 2,203,985 1,968,490 5,774,004 5,180,466
Total Operating Expenses 4,029,210 3,479,140 10,842,881 8,947,025
Net Operating Loss (4,029,210) (3,479,140) (10,842,881) (8,947,025)
Other Income        
Grants received 136,556 136,556 25,891
Total Other Income 136,556 136,556 25,891
Income tax expense
Net Loss (3,892,654) (3,479,140) (10,706,325) (8,921,134)
Other Comprehensive Income/(Loss)        
Foreign currency translation adjustments (32,399) 15,462 60,415 (33,583)
Total Other Comprehensive Income/(Loss) (32,399) 15,462 60,415 (33,583)
Net Comprehensive Loss $ (3,925,053) $ (3,463,678) $ (10,645,910) $ (8,954,717)
Net Loss per Share - Basic and Diluted $ (0.15) $ (0.15) $ (0.41) $ (0.40)
Weighted Average Shares Outstanding - Basic and Diluted 26,512,195 23,524,982 26,343,101 22,075,538
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating Activities    
Net loss $ (10,706,325) $ (8,921,134)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 371,362 230,606
Loss on disposal of property and equipment 11,262 3,668
Stock based compensation 1,827,604 1,106,623
Warrants issued for services 38,806 105,995
Changes in operating assets and liabilities:    
Accounts receivable (12,356)
Deferred grant income (50,855) (335)
Prepaid expenses (75,723) (35,283)
Other current assets 25,105 (36,456)
Accounts payable and accrued liabilities 264,266 872,934
Net Cash Used In Operating Activities (8,306,854) (6,673,382)
Investing Activities    
Purchases of property and equipment (1,340,230) (89,433)
Net Cash Used in Investing Activities (1,340,230) (89,433)
Financing Activities    
Net proceeds from issuance of common shares 998,412 13,506,295
Proceeds from debt payable 908,075
Debt repaid (29,807)
Grants repaid (38,487) (36,135)
Payments on capital lease obligations (94,227) (62,225)
Net Cash Provided By Financing Activities 1,743,966 13,407,935
Effect of foreign exchange on cash 65,314 (33,343)
(Decrease)/Increase in Cash (7,837,804) 6,611,777
Cash and cash equivalents - Beginning of Period 21,678,734 5,916,006
Cash and cash equivalents - End of Period 13,840,930 12,527,783
Supplemental Disclosures of Cash Flow Information    
Interest paid 50,234 9,159
Income tax paid
Non Cash Investing and Financing Activities:    
Common stock issued on cashless exercises of stock options 21
Capital lease obligation for equipment purchases $ 329,334
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