Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (67,762,123) $ (24,082,156)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,485,779 5,906,427
Depreciation and amortization 639,676 308,331
Gain on foreign exchange (120,098) (591)
Operating lease right of use asset amortization 279,306 232,924
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000
Decrease in prepaid expenses 852,657 255,897
Decrease in contract asset 2,681,065
Decrease (increase) in other assets 70,883 (79,402)
Increase in accounts payable 1,866,324 1,097,910
Increase in accrued expenses 5,737,946 8,989,731
Decrease in deferred revenue (4,729,470) (3,980,265)
(Decrease) increase in operating lease liabilities (210,227) 279,063
Net cash used in operating activities (54,208,282) (6,072,131)
Cash flows from investing activities:    
Purchases of property and equipment (479,779) (256,898)
Net cash used in investing activities (479,779) (256,898)
Cash flows from financing activities:    
Principal payments on notes payable (643,723) (294,972)
Proceeds from issuance of common stock 90,003,980 40,596,961
Issuance costs paid for common stock financings (2,952,113) (2,566,137)
Principal payments on capital lease obligation (375)
Net cash provided by financing activities 86,408,144 37,735,477
Net increase in cash and cash equivalents 31,720,083 31,406,448
Cash and cash equivalents at beginning of the period 31,748,686 41,748,468
Cash and cash equivalents at end of the period 63,468,769 73,154,916
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 12,752 6,300
Stock issuance costs included in accounts payable or accrued expenses 195,181 5,415
Stock subscriptions receivable 16,675,971
Purchases of property and equipment included in accounts payable or accrued expenses 259,731
Right of use assets obtained in exchange for lease obligation upon adoption of ASU 2016-02 2,399,524
Right of use assets obtained in exchange for lease obligation upon entry into February 2019 Lease Agreement $ 3,529,090