Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

v3.19.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities:    
Net Loss $ (3,110,527) $ (4,721,487)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 335,013 1,273,035
Write off of deferred financing costs 982,436
Equity in loss from joint venture 1,295,032 1,028,327
Changes in operating working capital items:    
Accounts receivable - fees and reimbursable project costs 10,400
Other receivable from joint venture (265,548) (488,685)
Prepaid expenses and other assets (157,314) (76,545)
Accounts payable and accrued liabilities 356,566 140,567
Net Cash Used in Operating Activities (1,546,778) (1,851,952)
Investing Activities:    
Investment in joint venture (1,440,000) (5,217,000)
Patent costs (108,761) (94,800)
Net Cash Used in Investing Activities (1,548,761) (5,311,800)
Financing Activities:    
Net proceeds from the issuance of common stock 1,986,485 20,722,215
Net proceeds from the issuance of preferred stock 3,900,001
Net Cash Provided by Financing Activities 1,986,485 24,622,216
Net Increase (Decrease) In Cash and Cash Equivalents (1,109,054) 17,458,464
Cash and Cash Equivalents, Beginning of Period 24,637,295 4,515,398
Cash and Cash Equivalents, End of Period 23,528,241 21,973,862
Supplemental Disclosure of Cash Flow Information:    
Interest paid
Income taxes paid
Non-Cash Financing Activity:    
Deemed dividend on Series B convertible preferred stock due to beneficial conversion feature 2,624,836
Accumulated preferred stock dividend $ 172,186 $ 144,036