Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 14,260,282 $ 10,116,263
Prepaid expenses 440,984 248,661
Other current assets 203,929 202,295
Total Current Assets 14,905,195 10,567,219
Property and equipment, net 3,510,426 3,480,782
Intangible assets, net 566,128 576,397
Total Assets 18,981,749 14,624,398
LIABILITIES    
Accounts payable 445,065 351,735
Accrued liabilities 1,485,941 1,278,428
Management and directors' fees payable 20,613 35,397
Current portion of long-term debt 474,712 443,908
Current portion of capital lease liabilities 144,015 139,084
Current portion of grant repayable 43,143 41,930
Total Current Liabilities 2,613,489 2,290,482
Long-term debt, net of current portion 1,296,791 1,312,785
Capital lease liabilities, net of current portion 863,620 874,684
Grant repayable, net of current portion 194,030 188,579
Total Liabilities 4,967,930 4,666,530
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 30,030,793 shares and 26,519,394 shares, respectively 30,031 26,519
Additional paid-in capital 74,464,783 65,774,870
Accumulated other comprehensive loss (114,396) (129,343)
Accumulated deficit (60,366,599) (55,714,178)
Total Stockholders' Equity 14,013,819 9,957,868
Total Liabilities and Stockholders' Equity $ 18,981,749 $ 14,624,398
v3.8.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Consolidated Statements Of Operations And Comprehensive Loss    
Revenue
Operating Expenses    
Research and development 2,423,202 1,668,386
General and administrative 1,842,093 1,400,684
Sales and marketing 364,144 269,408
Total Operating Expenses 4,629,439 3,338,478
Operating Loss (4,629,439) (3,338,478)
Other Expenses    
Interest expense 22,982 12,205
Total Other Expenses (22,982) (12,205)
Provision for Income Taxes
Net Loss (4,652,421) (3,350,683)
Other Comprehensive Loss    
Foreign currency translation adjustments 14,947 31,505
Net Comprehensive Loss $ (4,637,474) $ (3,319,178)
Loss per Share - Basic and Diluted $ (0.17) $ (0.13)
Weighted Average Shares Outstanding - Basic and Diluted 27,265,249 26,128,934
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating Activities    
Net loss $ (4,652,421) $ (3,350,683)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 156,362 93,277
Loss on disposal of property and equipment 1,929
Stock based compensation 895,226 584,261
Warrants issued for services 2,199 9,945
Changes in operating assets and liabilities:    
Prepaid expenses (192,323) (178,011)
Other current assets (155,521) 3,151
Accounts payable and accrued liabilities 439,943 166,243
Net Cash Used In Operating Activities (3,506,535) (2,669,888)
Investing Activities    
Purchases of property and equipment (60,658) (874,891)
Net Cash Used in Investing Activities (60,658) (874,891)
Financing Activities    
Net proceeds from issuance of common shares 7,796,000 43,300
Proceeds from debt payable 287,648
Payments on debt payable (35,926)
Payments on capital lease obligations (35,243) (29,858)
Net Cash Provided By Financing Activities 7,724,831 301,090
Effect of foreign exchange on cash (13,619) 37,919
Net change in cash and cash equivalents 4,144,019 (3,205,770)
Cash and cash equivalents - Beginning of Period 10,116,263 21,678,734
Cash and cash equivalents - End of Period 14,260,282 18,472,964
Supplemental Disclosures of Cash Flow Information    
Interest paid 22,982 12,205
Income tax paid
Non-Cash Investing and Financing Activities:    
Common stock issued on cashless exercises of stock options 12
Capital lease obligation for equipment purchases $ 994,285
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