Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 11,894,166 $ 10,116,263
Prepaid expenses 425,613 248,661
Other current assets 200,629 202,295
Total Current Assets 12,520,408 10,567,219
Property and equipment, net 3,257,434 3,480,782
Intangible assets, net 519,910 576,397
Total Assets 16,297,752 14,624,398
LIABILITIES    
Accounts payable 1,155,949 351,735
Accrued liabilities 1,701,614 1,278,428
Management and directors' fees payable 26,708 35,397
Current portion of long-term debt 282,159 443,908
Current portion of capital lease liabilities 137,455 139,084
Current portion of grant repayable 40,917 41,930
Total Current Liabilities 3,344,802 2,290,482
Long-term debt, net of current portion 1,976,389 1,312,785
Capital lease liabilities, net of current portion 784,364 874,684
Grant repayable, net of current portion 143,100 188,579
Total Liabilities 6,248,655 4,666,530
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 30,031,225 shares and 26,519,394 shares, respectively 30,031 26,519
Additional paid-in capital 74,959,980 65,774,870
Accumulated other comprehensive income (loss) 17,761 (129,343)
Accumulated deficit (64,958,675) (55,714,178)
Total Stockholders' Equity 10,049,097 9,957,868
Total Liabilities and Stockholders' Equity $ 16,297,752 $ 14,624,398
v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Consolidated Statements Of Operations And Comprehensive Loss        
Revenue
Operating Expenses        
Research and development 2,686,473 1,807,636 5,109,675 3,480,987
General and administrative 1,643,681 1,427,875 3,485,774 2,823,594
Sales and marketing 235,366 207,042 599,510 476,450
Total Operating Expenses 4,565,520 3,442,553 9,194,959 6,781,031
Operating Loss (4,565,520) (3,442,553) (9,194,959) (6,781,031)
Other Expenses        
Interest expense 26,556 20,435 49,538 32,640
Net Loss (4,592,076) (3,462,988) (9,244,497) (6,813,671)
Other Comprehensive Loss        
Foreign currency translation adjustments 132,157 61,309 147,104 92,814
Net Comprehensive Loss $ (4,459,919) $ (3,401,679) $ (9,097,393) $ (6,720,857)
Net Loss per Share - Basic and Diluted $ (0.15) $ (0.13) $ (0.32) $ (0.26)
Weighted Average Shares Outstanding - Basic and Diluted 30,027,260 26,383,228 28,655,711 26,137,241
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating Activities    
Net loss $ (9,244,497) $ (6,813,671)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 317,981 225,740
Loss (gain) on disposal of property and equipment (41) 1,929
Stock options issued for services 1,388,295 1,220,798
Warrants issued for services 4,326 28,482
Changes in operating assets and liabilities:    
Prepaid expenses (174,504) (131,526)
Other current assets (188,285) 31,560
Accounts payable and accrued liabilities 1,406,197 (46,685)
Net Cash Used In Operating Activities (6,490,528) (5,483,373)
Investing Activities    
Purchases of property and equipment (125,513) (1,234,892)
Net Cash Used in Investing Activities (125,513) (1,234,892)
Financing Activities    
Net proceeds from issuance of common shares 7,796,001 879,412
Proceeds from debt payable 875,652 664,573
Payments on debt payable (332,856)
Payments on grants repayable (40,863) (38,487)
Payments on capital lease obligations (72,524) (60,874)
Net Cash Provided By Financing Activities 8,225,410 1,444,624
Effect of foreign exchange on cash 168,534 100,117
Net change in cash and cash equivalents 1,777,903 (5,173,524)
Cash and cash equivalents - Beginning of Period 10,116,263 21,678,734
Cash and cash equivalents - End of Period 11,894,166 16,505,210
Supplemental Disclosures of Cash Flow Information    
Interest paid 49,737 32,639
Income tax paid
Non-Cash Investing and Financing Activities:    
Common stock issued on cashless exercises of stock options and warrants 12
Offering costs from issuance of common stock $ 604,000
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