Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (6,373,420) $ (5,819,081)
Adjustments to reconcile net loss to net cash used in operating activities:    
Goodwill impairment loss 0  
Depreciation and amortization 67,599 67,186
Noncash lease expense 24,345  
Noncash interest expense 4,412  
Non-cash investor relations expense 66,767  
Stock-based compensation 948,192 2,060,304
Change in fair value of common stock warrants 977,710  
Change in fair value of contingent consideration (27,000) 114,290
Unrealized gain on investments 34,224 (5,588)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (110,054) (50,684)
Prepaid expenses and other current assets (120,946) 142,812
Accounts payable (308,381) 643,876
Deferred revenue (901,510) (691,912)
Deferred tax liability   45,178
Accrued expenses and other liabilities (348,737) (729,443)
Other long-term liabilities 14,216 47,341
Deposits 271,732  
Net Cash Used in Operating Activities (5,780,851) (4,175,721)
Cash Flows from Investing Activities    
Purchase of short-term investments (26,384) (35,923)
Purchase of property and equipment (30,633) (45,459)
Proceeds from disposal of property and equipment 2,168  
Net Cash Used in Investing Activities (54,849) (81,382)
Cash Flows from Financing Activities    
Proceeds from public offering of common stock and warrants, net of issuance costs 6,600,970  
Proceeds from the issuance of common stock, net of underwriting discounts and commissions 11,428,235  
Stock issuance costs (452,934)  
Repayments on principal of finance lease (24,798)  
Net Cash Provided by Financing Activities 17,551,473  
Effect of exchange rate changes on cash and cash equivalents (16,884) (327)
Net Change in Cash and Cash Equivalents 11,698,889 (4,257,430)
Cash and Cash Equivalents – Beginning of Period 9,039,887 22,154,251
Cash and Cash Equivalents – End of Period 20,738,776 17,896,821
Supplemental Disclosure for Cash Flow Information:    
Operating lease right-of-use assets obtained with lease liabilities   $ 520,399
Finance lease right-of-use assets obtained with lease liabilities 173,822  
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable 160,250  
Allocation of proceeds from public offering to warrant liabilities 2,494,823  
Cashless exercise of warrants classified as liabilities 2,724,609  
Cashless exchange of warrants classified as liabilities $ 773,330