Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 16,374,428 $ 10,116,263
Prepaid expenses 460,124 248,661
Other current assets 229,780 202,295
Total Current Assets 17,064,332 10,567,219
Property and equipment, net 3,157,140 3,480,782
Intangible assets, net 494,422 576,397
Total Assets 20,715,894 14,624,398
Current Liabilities    
Accounts payable 857,121 351,735
Accrued liabilities 1,244,636 1,278,428
Management and directors' fees payable 57,411 35,397
Current portion of long-term debt 337,156 443,908
Current portion of capital lease liabilities 137,383 139,084
Current portion of grants repayable 40,637 41,930
Total Current Liabilities 2,674,344 2,290,482
Long-term debt, net of current portion 1,871,361 1,312,785
Capital lease liabilities, net of current portion 744,322 874,684
Grants repayable, net of current portion 317,731 188,579
Total Liabilities 5,607,758 4,666,530
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 35,031,225 shares and 26,519,394 shares, respectively 35,031 26,519
Additional paid-in capital 84,444,318 65,774,870
Accumulated other comprehensive income (loss) 64,111 (129,343)
Accumulated deficit (69,435,324) (55,714,178)
Total Stockholders' Equity 15,108,136 9,957,868
Total Liabilities and Stockholders' Equity $ 20,715,894 $ 14,624,398
v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Consolidated Statements Of Operations And Comprehensive Loss        
Revenue
Operating Expenses        
Research and development 2,737,856 2,133,470 7,847,531 5,619,085
General and administrative 1,450,383 1,555,770 4,949,716 4,374,736
Sales and marketing 259,302 185,795 845,253 662,245
Total Operating Expenses 4,447,541 3,875,035 13,642,500 10,656,066
Operating Loss (4,447,541) (3,875,035) (13,642,500) (10,656,066)
Other Expense        
Interest expense 29,108 17,619 78,646 50,259
Net Loss (4,476,649) (3,892,654) (13,721,146) (10,706,325)
Other Comprehensive Income (Loss)        
Foreign currency translation adjustments 46,350 (32,399) 193,454 60,415
Net Comprehensive Loss $ (4,430,299) $ (3,925,053) $ (13,527,692) $ (10,645,910)
Net Loss per Share - Basic and Diluted $ (0.14) $ (0.15) $ (0.46) $ (0.41)
Weighted Average Shares Outstanding - Basic and Diluted 32,826,924 26,512,195 30,071,635 26,343,101
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating Activities    
Net Loss $ (13,721,146) $ (10,706,325)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 474,536 371,362
Loss on disposal of property and equipment 1,766 11,262
Stock based compensation 1,875,507 1,827,604
Warrants issued for services 6,453 38,806
Changes in operating assets and liabilities:    
Deferred grant income (50,855)
Prepaid expenses (204,673) (75,723)
Other current assets 202,290 12,749
Accounts payable and accrued liabilities 261,383 264,266
Net Cash Used In Operating Activities (11,103,884) (8,306,854)
Investing Activities:    
Purchases of property and equipment (183,541) (1,340,230)
Net Cash Used in Investing Activities (183,541) (1,340,230)
Financing Activities:    
Net proceeds from issuance of common shares 16,796,000 998,412
Proceeds from grants repayable 177,079
Proceeds from long-term debt 875,418 908,075
Payments from long-term debt (369,915) (29,807)
Payments on grants repayable (40,864) (38,487)
Payments on capital lease obligations (103,999) (94,227)
Net Cash Provided By Financing Activities 17,333,719 1,743,966
Effect of foreign exchange on cash 211,871 65,314
Net Change in Cash 6,258,165 (7,837,804)
Cash and cash equivalents - Beginning of Period 10,116,263 21,678,734
Cash and cash equivalents - End of Period 16,374,428 13,840,930
Supplemental Disclosures of Cash Flow Information:    
Interest paid 78,845 50,234
Income tax paid
Non-Cash Financing Activities:    
Common Stock issued on cashless exercises of stock options 12
Offering costs from stock issuances $ 604,000
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