Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating Activities    
Net Loss $ (10,587,124) $ (15,676,108)
Adjustments to reconcile net loss from operations to net cash used in operating activities    
Stock-based compensation 822,820 2,379,905
Write off of deferred financing costs 982,436
Equity in loss from joint venture 3,321,737 5,835,263
Changes in operating working capital items    
Accounts receivable - fees and reimbursable project costs 10,400
Other receivable from joint venture (306,747) (93,253)
Prepaid expenses and other current assets (10,626) 33,322
Accounts payable and accrued liabilities 92,243 (893,154)
Net Cash Used in Operating Activities (6,667,697) (7,421,189)
Investing Activities    
Investment in joint venture (3,540,000) (5,617,000)
Patent costs (221,063) (209,729)
Net Cash Used in Investing Activities (3,761,063) (5,826,729)
Financing Activities    
Net proceeds from the issuance of common stock 3,750,454 29,469,814
Net proceeds from the issuance of preferred stock 3,900,001
Net Cash Provided by Financing Activities 3,750,454 33,369,815
Net (Decrease) Increase in Cash and Cash Equivalents (6,678,306) 20,121,897
Cash and Cash Equivalents, Beginning of Year 24,637,295 4,515,398
Cash and Cash Equivalents, End of Year 17,958,989 24,637,295
Cash paid during the year    
Interest paid
Income taxes paid
Non-Cash Financing Activities    
Deemed dividend on issuance Series B convertible preferred stock due to beneficial conversion feature 2,624,836
Accumulated preferred stock dividend 699,815 649,079
Conversion of Series A convertible preferred stock to common stock and payment of paid-in-kind dividends to Series A preferred stockholder $ 187,890 $ 206,376