Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 13,427,222 $ 10,116,263
Prepaid expenses 245,441 248,661
Other current assets 229,755 202,295
Total Current Assets 13,902,418 10,567,219
Property and equipment, net 3,119,643 3,480,782
Intangible assets, net 466,905 576,397
Total Assets 17,488,966 14,624,398
Current Liabilities    
Accounts payable 807,162 351,735
Accrued liabilities 923,034 1,278,428
Management and directors' fees payable 1,200 35,397
Current portion of long-term debt 416,553 443,908
Current portion of capital lease liabilities 145,150 139,084
Current portion of grant repayable 40,094 41,930
Total Current Liabilities 2,333,193 2,290,482
Long-term debt, net of current portion 1,984,262 1,312,785
Capital lease liabilities, net of current portion 720,013 874,684
Grant repayable, net of current portion 311,042 188,579
Commitments and contingencies
Total Liabilities 5,348,510 4,666,530
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 35,335,378 shares and 26,519,394 shares, respectively 35,335 26,519
Additional paid-in capital 85,604,271 65,774,870
Accumulated other comprehensive income (loss) 223,651 (129,343)
Accumulated deficit (73,722,801) (55,714,178)
Total Stockholders' Equity 12,140,456 9,957,868
Total Liabilities and Stockholders' Equity $ 17,488,966 $ 14,624,398
v3.19.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating Expenses    
Research and development $ 10,906,871 $ 8,026,206
General and administrative 5,821,072 5,833,394
Sales and marketing 1,169,756 836,474
Total Operating Expenses 17,897,699 14,696,074
Operating Loss (17,897,699) (14,696,074)
Other Expense    
Interest expense 110,924 73,133
Net Loss (18,008,623) (14,769,207)
Other Comprehensive Income    
Foreign currency translation adjustments 352,994 63,953
Net Comprehensive Loss $ (17,655,629) $ (14,705,254)
Net Loss per Share - Basic and Diluted $ (0.57) $ (0.56)
Weighted Average Shares Outstanding - Basic and Diluted 31,389,220 26,389,580
v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating Activities    
Net loss $ (18,008,623) $ (14,769,207)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 636,380 528,166
Loss on disposal of property & equipment 403 38,941
Stock based compensation 2,570,095 2,435,088
Warrants issued for services 22,776 54,510
Changes in operating assets and liabilities:    
Deferred grant income (50,855)
Prepaid expenses 10,012 (82,733)
Other current assets (29,910) (7,486)
Accounts payable and accrued liabilities 65,840 (339,662)
Net Cash Used In Operating Activities (14,733,027) (12,193,238)
Investing Activities:    
Purchases of property and equipment (301,805) (1,425,215)
Net Cash Used in Investing Activities (301,805) (1,425,215)
Financing Activities:    
Net proceeds from issuance of common shares 17,245,346 998,413
Proceeds from grants repayable 177,079
Proceeds from long term debt 1,159,836 1,201,980
Payments on long term debt (436,784) (52,420)
Payments on grants repayable (40,877) (45,422)
Payments on capital lease obligations (137,513) (135,597)
Net Cash Provided By Financing Activities 17,967,087 1,966,954
Effect of foreign exchange on cash and cash equivalents 378,704 89,028
Net Change in Cash and Cash Equivalents 3,310,959 (11,562,471)
Cash and Cash Equivalents – Beginning of Year 10,116,263 21,678,734
Cash and Cash Equivalents – End of Year 13,427,222 10,116,263
Supplemental Disclosures of Cash Flow Information :    
Interest paid 110,924 73,133
Income tax paid
Non - Cash Financing Activities:    
Common stock issued on cashless exercises of stock options 12 1
Capital lease obligation 28,605
Offering costs from common stock issuances $ 872,571
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