Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 10,116,263 $ 21,678,734
Prepaid expenses 248,661 165,927
Other current assets 202,295 166,887
Total Current Assets 10,567,219 22,011,548
Property and equipment, net 3,480,782 2,119,027
Intangible assets, net 576,397 602,193
Total Assets 14,624,398 24,732,768
LIABILITIES    
Accounts payable 351,735 281,179
Accrued liabilities 1,278,428 1,439,275
Management and directors' fees payable 35,397 81,057
Current portion of long-term debt 443,908 30,655
Current portion of capital lease liabilities 139,084 119,016
Deferred grant income 45,510
Current portion of grant repayable 41,930 36,804
Total Current Liabilities 2,290,482 2,033,496
Long-term debt 1,312,785 432,027
Capital lease liabilities 874,684 889,810
Grant repayable 188,579 202,325
Total Liabilities 4,666,530 3,557,658
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares, at $0.001 par value Issued and outstanding: 26,519,394 shares and 26,126,049 shares, respectively 26,519 26,126
Additional paid-in capital 65,774,870 62,287,252
Accumulated other comprehensive loss (129,343) (193,297)
Accumulated Deficit (55,714,178) (40,944,971)
Total Stockholders' Equity 9,957,868 21,175,110
Total Liabilities and Stockholders' Equity $ 14,624,398 $ 24,732,768
v3.8.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Consolidated Statements Of Operations And Comprehensive Loss    
Revenue
Operating Expenses    
Research and development 8,906,006 7,904,988
General and administrative 5,376,500 4,177,513
Sales and marketing 763,407 347,712
Total Operating Expenses 15,045,913 12,430,213
Operating Loss (15,045,913) (12,430,213)
Other Income (Expenses)    
Other income 349,839 545,313
Interest expense (73,133) (20,378)
Total Other Income 276,706 524,935
Provision for income taxes
Net Loss (14,769,207) (11,905,278)
Other Comprehensive Income (Loss)    
Foreign currency translation adjustments 63,954 (109,126)
Total Other Comprehensive Income (Loss) 63,954 (109,126)
Net Comprehensive Loss $ (14,705,253) $ (12,014,404)
Net Loss per Share - Basic and Diluted $ (0.56) $ (0.52)
Weighted Average Shares Outstanding - Basic and Diluted 26,389,580 23,049,089
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating Activities    
Net loss $ (14,769,207) $ (11,905,278)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 528,166 309,406
Loss on disposal of property & equipment 38,941 3,668
Stock based compensation 2,435,088 1,678,748
Warrants issued for services 54,510 164,173
Changes in operating assets and liabilities:    
Prepaid expenses (82,733) (13,168)
Deferred grant income (50,855) (170,343)
Other current assets (7,486) (22,859)
Accounts payable and accrued liabilities (339,662) 1,090,942
Net Cash Used In Operating Activities (12,193,238) (8,864,711)
Investing Activities    
Purchases of property and equipment (1,425,215) (415,091)
Net Cash Used in Investing Activities (1,425,215) (415,091)
Financing Activities    
Net proceeds from issuance of common shares 998,413 25,302,274
Proceeds from debt payable 1,201,980 474,769
Grants repaid (45,422) (36,135)
Loans repaid (52,420)
Payments on capital lease obligations (135,597) (552,534)
Net Cash Provided By Financing Activities 1,966,954 25,188,374
Effect of foreign exchange on cash and cash equivalents 89,028 (145,844)
Net change in cash and cash equivalents (11,562,471) 15,762,728
Cash and cash equivalents - Beginning of Period 21,678,734 5,916,006
Cash and cash equivalents - End of Period 10,116,263 21,678,734
Supplemental Disclosures of Cash Flow Information    
Interest paid 73,133 20,378
Income tax paid
Non Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 1 54
Capital lease obligation for equipment purchases $ 1,008,826
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