Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities    
Net Loss $ (8,858,858) $ (12,453,086)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 591,663 1,951,394
Write off of deferred financing costs 982,436
Equity in loss from joint venture (3,812,463) (4,545,112)
Changes in operating working capital items:    
Accounts receivable - fees and reimbursable project costs 10,400
Other receivable from joint venture (540,155) (521,272)
Prepaid expenses and other current assets (60,288) (51,134)
Accounts payable and accrued liabilities 937,836 237,914
Net Cash Used in Operating Activities (4,117,339) (5,298,236)
Investing Activities    
Investment in joint venture (3,540,000) (5,217,000)
Patent costs (148,432) (172,189)
Net Cash Used in Investing Activities (3,688,432) (5,389,189)
Financing Activities    
Net proceeds from the issuance of common stock 3,750,454 27,600,675
Net proceeds from the issuance of preferred stock 3,900,001
Net Cash Provided by Financing Activities 3,750,454 31,500,676
Net (Decrease) Increase in Cash and Cash Equivalents (4,055,317) 20,813,251
Cash and Cash Equivalents, Beginning of Period 24,637,295 4,515,398
Cash and Cash Equivalents, End of Period $ 20,581,978 $ 25,328,649
Supplemental Disclosure of Cash Flow Information:    
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 the beneficial conversion feature 2,624,836
Accumulated preferred stock dividend 522,205 333,667
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder $ 91,635 $ 207