Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating Activities:    
Net Loss $ (15,676,108) $ (7,104,897)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 2,379,905 1,193,306
Amortization of deferred financing cost 491,218
Abandonment loss 37,780
Implied interest expense on deferred lease abandonment liability 16,095
Write off of deferred financing costs 982,436
Equity in loss from joint venture 5,835,263  
Changes in operating working capital items:    
Accounts receivable - fees and reimbursable project costs 10,400 378,034
Other receivable from joint venture (93,253)
Prepaid expenses and other assets 33,322 10,866
Accounts payable and accrued liabilities (893,154) 159,953
Deferred lease abandonment liability (185,683)
Net Cash Used in Operating Activities (7,421,189) (5,003,328)
Investing Activities:    
Investment in joint venture (5,617,000)
Patent costs (209,729) (207,227)
Net Cash Used in Investing Activities (5,826,729) (207,227)
Financing Activities:    
Net proceeds from the issuance of common stock 29,469,814 6,027,064
Net proceeds from the issuance of preferred stock 3,900,001
Restricted cash 114,012
Net Cash Provided by Financing Activities 33,369,815 6,141,076
Net Increase in Cash and Cash Equivalents 20,121,897 930,521
Cash and Cash Equivalents, Beginning of Year 4,515,398 3,584,877
Cash and Cash Equivalents, End of Year 24,637,295 4,515,398
Cash paid during the year:    
Income taxes
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 649,079 276,578
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder 206,376
Decrease in accrued liabilities - stock-based compensation $ 121,720