Financials

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 16,166,272 $ 13,427,222
Prepaid expenses 658,084 245,441
Other current assets 247,500 229,755
Total Current Assets 17,071,856 13,902,418
Property and equipment, net 3,024,512 3,119,643
Operating lease right-of-use assets 96,538
Intangible assets, net 437,766 466,905
Total Assets 20,630,672 17,488,966
Current Liabilities    
Accounts payable 602,142 807,162
Accrued liabilities 1,361,853 923,034
Management and directors' fees payable 5,276 1,200
Current portion of long-term debt 467,754 416,553
Current portion of finance lease liabilities 143,118 145,150
Current portion of operating lease liabilities 46,747
Current portion of grant repayable 39,272 40,094
Total Current Liabilities 2,666,162 2,333,193
Long-term debt, net of current portion 1,797,227 1,984,262
Finance lease liabilities, net of current portion 669,123 720,013
Operating lease liabilities, net of current portion 50,349
Grant repayable, net of current portion 337,096 311,042
Total Long Term Liabilities 2,853,795 3,015,317
Total Liabilities 5,519,957 5,348,510
Commitments and contingencies
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 37,813,991 shares and 35,335,378 shares, respectively 37,814 35,335
Additional paid-in capital 92,799,878 85,604,271
Accumulated other comprehensive income 199,597 223,651
Accumulated deficit (77,926,574) (73,722,801)
Total Stockholders' Equity 15,110,715 12,140,456
Total Liabilities and Stockholders' Equity $ 20,630,672 $ 17,488,966
v3.19.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Expenses    
Research and development $ 2,474,559 $ 2,423,202
General and administrative 1,217,876 1,842,093
Sales and marketing 284,280 364,144
Total Operating Expenses 3,976,715 4,629,439
Operating Loss (3,976,715) (4,629,439)
Other Expense    
Interest expense 30,101 22,982
Other expenses 196,957
Total Other Expenses (227,058) (22,982)
Provision for Income Taxes
Net Loss (4,203,773) (4,652,421)
Other Comprehensive Income/(Loss)    
Foreign currency translation adjustments (24,054) 14,947
Net Comprehensive Loss $ (4,227,827) $ (4,637,474)
Net Loss per Share - Basic and Diluted $ (0.12) $ (0.17)
Weighted Average Shares Outstanding - Basic and Diluted 36,212,897 27,265,249
v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities    
Net loss $ (4,203,773) $ (4,652,421)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 179,848 156,362
Stock based compensation 338,331 895,226
Warrants issued for services 2,127 2,199
Financing costs for warrants modified 196,957
Changes in operating assets and liabilities:    
Deferred grant income
Prepaid expenses (412,643) (192,323)
Other current assets (17,745) (155,521)
Accounts payable and accrued liabilities 277,441 439,943
Right-of-use operating lease liabilities (11,440)
Net Cash Used In Operating Activities (3,650,897) (3,506,535)
Investing Activities:    
Purchases of property and equipment (112,102) (60,658)
Net Cash Used in Investing Activities (112,102) (60,658)
Financing Activities:    
Net proceeds from issuance of common shares 6,660,671 7,796,000
Proceeds from grants received 32,652
Payments on long term debt (87,577) (35,926)
Payments on finance lease obligations (35,678) (35,243)
Net Cash Provided By Financing Activities 6,570,068 7,724,831
Effect of foreign exchange on cash (68,019) (13,619)
Net Change in Cash 2,739,050 4,144,019
Cash and cash equivalents – Beginning of Period 13,427,222 10,116,263
Cash and cash equivalents – End of Period 16,166,272 14,260,282
Supplemental Disclosures of Cash Flow Information :    
Interest paid 30,101 22,982
Income tax paid
Non Cash Financing Activities:    
Common stock issued on cashless exercises of stock options $ 12
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