Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

v3.19.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating Activities:    
Net Loss $ (6,417,444) $ (8,238,500)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 572,285 1,421,745
Write off of deferred financing costs 982,436
Equity in loss from joint venture 3,257,350 2,801,772
Changes in operating working capital items:    
Accounts receivable - fees and reimbursable project costs 10,400
Other receivable from joint venture (414,021) (414,957)
Prepaid expenses and other current assets (118,059) (37,794)
Accounts payable and accrued liabilities 210,650 254,131
Net Cash Used in Operating Activities (2,909,239) (3,220,767)
Investing Activities:    
Investment in joint venture (3,540,000) (5,217,000)
Patent costs (128,771) (138,980)
Net Cash Used in Investing Activities (3,668,771) (5,355,980)
Financing Activities:    
Net proceeds from the issuance of common stock 2,916,399 25,868,716
Net proceeds from the issuance of preferred stock 3,900,001
Net Cash Provided by Financing Activities 2,916,399 29,768,717
Net (Decrease) Increase in Cash and Cash Equivalents (3,661,611) 21,191,970
Cash and Cash Equivalents, Beginning of Period 24,637,295 4,515,398
Cash and Cash Equivalents, End of Period 20,975,684 25,707,368
Cash paid during the period:    
Interest paid
Income taxes paid
Non-Cash Financing Activity:    
Deemed dividend on issuance Series B convertible preferred stock due to beneficial conversion feature 2,624,836
Accumulated preferred stock dividend 345,703 214,667
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder $ 91,635