Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (45,640,426) $ (111,269,380)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 9,480,373 12,458,229
Depreciation and amortization 999,817 1,123,854
Loss on impairment of fixed assets 606,078  
Net amortization on premium of investments 698,254  
Stock consideration in connection with PRI License Agreement 250,000  
(Gain) Loss on foreign exchange 342,424 93,661
Operating lease right of use asset amortization 639,415 570,458
Amortization of debt discount 700,613 291,392
Change in fair value of derivative liability (663,290) 251,000
Loss on sale of property and equipment 99,520  
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 1,347,851 346,812
Decrease in contract asset 1,618,296 1,062,769
Decrease (increase) in other assets 187,652 (149,070)
Increase (decrease) in accounts payable (5,956,297) (3,468,917)
Increase (decrease) in accrued expenses (11,912,120) (400,766)
Increase in other long-term liabilities 22,205  
Decrease in operating lease liabilities (1,004,062) (595,745)
Net cash used in operating activities (48,183,697) (99,685,703)
Cash flows from investing activities:    
Purchases of investments (87,266,596)
Proceeds from sales and maturities of investments 13,880,343
Purchases of property and equipment (54,172) (484,491)
Proceeds from Sale of Property, Plant, and Equipment 23,900
Net cash used in investing activities (73,416,525) (484,491)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 984,375 909,375
Proceeds from issuance of long-term borrowings 18,756,021
Repayment of short-term borrowings (926,595) (951,876)
Proceeds from issuance of common stock 62,586,070 142,200,752
Issuance costs paid for common stock financings (1,820,437) (6,039,423)
Net cash provided by financing activities 60,823,413 154,874,849
Net increase (decrease) in cash, cash equivalents, and restricted cash (60,776,809) 54,704,655
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 25,676,532 86,453,341
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 1,740,878 629,146
Fair value of warrants issued with K2HV loan agreement 472,409
Fair value of warrants issued 334,740
Write-off of fully depreciated property and equipment 544,752 156,645
Stock subscription receivable $ 960,033