Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (35,379,693) $ (102,657,472)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,686,921 10,116,775
Depreciation and amortization 792,132 841,755
Loss on impairment of fixed assets 606,078
Net amortization on premium of marketable securities 493,722
(Gain) Loss on foreign exchange 361,327 (134,368)
Operating lease right of use asset amortization 471,954 422,735
Amortization of debt discount 521,497 118,977
Change in fair value of derivative liability (670,143) 211,000
Loss on sale of property and equipment 9,099
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 1,601,003 1,547,550
Decrease (increase) in contract asset (881,704) 1,720,974
Decrease in other assets 234,037 71,927
Increase (decrease) in accounts payable (5,196,591) 458,646
Increase (decrease) in accrued expenses (8,387,299) 6,186,850
Decrease in operating lease liabilities (743,462) (366,744)
Net cash used in operating activities (38,481,122) (81,461,395)
Cash flows from investing activities:    
Purchases of marketable securities (77,266,596)
Proceeds from sales and maturities of marketable securities 7,019,756
Purchases of property and equipment (536,577)
Proceeds from sale of property and equipment 7,700
Net cash used in investing activities (70,239,140) (536,577)
Cash flows from financing activities:    
Repayment of short-term borrowings (710,158) (752,659)
Proceeds from issuance of common stock 62,586,070 120,501,589
Issuance costs paid for common stock financings (1,820,437) (5,365,114)
Proceeds from issuance of debt, net 18,756,021
Net cash provided by financing activities 60,055,475 133,139,837
Net increase (decrease) in cash, cash equivalents, and restricted cash (48,664,787) 51,141,865
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 37,788,554 82,890,551
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 1,305,512 192,417
Fair value of warrants issued with K2HV loan agreement 472,409
Write off of fully depreciated property and equipment $ 156,645