Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (16,065,168) $ (29,656,800)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,580,402 3,137,519
Depreciation and amortization 272,186 319,488
Net amortization on premium of marketable securities (901)
Gain on foreign exchange (73,976) (157,073)
Operating lease right of use asset amortization 152,360 138,516
Amortization of debt discount 170,284
Change in fair value of derivative liability 6,000
Loss on sale of property and equipment 5,456  
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 54,067 128,024
Increase in contract asset (647,824) (1,762,059)
Decrease (increase) in other assets (70,000) 70,883
Decrease in accounts payable (3,691,841) (839,372)
Increase (decrease) in accrued expenses (4,262,958) 1,110,156
Decrease in operating lease liabilities (237,592) (90,444)
Net cash used in operating activities (21,809,505) (27,601,162)
Cash flows from investing activities:    
Purchases of property and equipment (463,605)
Purchases of marketable securities (57,427,043)
Proceeds from sale of property and equipment 2,600
Net cash used in investing activities (57,424,443) (463,605)
Cash flows from financing activities:    
Repayment of short-term borrowings (301,880) (319,754)
Proceeds from issuance of common stock 62,536,070 46,015,996
Issuance costs paid for common stock financings (1,820,437) (2,762,240)
Net cash provided by financing activities 60,413,753 42,934,002
Net increase (decrease) in cash, cash equivalents, and restricted cash (18,820,195) 14,869,235
Cash, cash equivalents, and restricted cash at beginning of the period 86,453,341 31,748,686
Cash, cash equivalents, and restricted cash at end of the period 67,633,146 46,617,921
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 432,455 8,484
Stock issuance costs included in accounts payable or accrued expenses $ 200,550