Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities      
Net loss $ (8,916,433) $ (19,826,671) $ (17,094,899)
Adjustments to reconcile net loss to net cash used in operating activities:      
Goodwill impairment loss 0 0 737,000
Depreciation and amortization   242,623 176,548
Noncash lease expense   73,524  
Noncash interest expense   13,838  
Noncash investor relations expense   66,767  
Stock-based compensation 4,700,000 6,050,094 2,932,253
Change in fair value of common stock warrants 37,230 1,039,303  
Change in fair value of contingent consideration 229,000 1,045,000 728,290
Unrealized gain on investments   (47,923) (5,589)
Increase (decrease) in cash arising from changes in assets and liabilities:      
Accounts receivable   (173,447) (9,002)
Prepaid expenses and other current assets   (1,199,730) 225,245
Accounts payable   (748,410) 971,062
Deferred revenue   (2,203,838) (1,032,539)
Deferred tax liability     45,178
Accrued expenses and other liabilities   (201,199) (316,317)
Other long-term liabilities   26,331 92,511
Deposits   265,132 (35,065)
Net Cash Used in Operating Activities   (15,578,606) (12,585,324)
Cash Flows from Investing Activities      
Purchase of short-term investments   (95,034,396) (107,830)
Sale of short-term investments   8,295,222  
Purchase of property and equipment   (321,301) (143,318)
Proceeds from disposal of property and equipment   2,168  
Net Cash Used in Investing Activities   (87,058,307) (251,148)
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   116,296,762 18,898
Proceeds from exercise of stock options     2,120
Proceeds from exercise of warrants   675,675  
Stock issuance costs   (3,076,915)  
Payment of contingent consideration   (2,005,000)  
Proceeds from PPP loan   702,000  
Repayment of PPP loan   (702,000)  
Repayments on principal of finance lease   (85,140)  
Net Cash Provided by Financing Activities   118,406,352 21,018
Effect of exchange rate changes on cash and cash equivalents   (1,243) (4,376)
Net Change in Cash and Cash Equivalents   15,768,196 (12,819,830)
Cash and Cash Equivalents – Beginning of Period   9,039,887 22,154,251
Cash and Cash Equivalents – End of Period $ 24,808,083 24,808,083 9,334,421
Supplemental Disclosure for Cash Flow Information:      
Operating lease right-of-use assets obtained with lease liabilities   75,244 $ 520,399
Finance lease right-of-use assets obtained with lease liabilities   173,822  
Supplemental disclosure of non-cash investing and financing activities:      
Allocation of proceeds from public offering to warrant liabilities   2,494,823  
Cashless exercise of warrants classified as liabilities   2,766,647  
Cashless exchange of warrants classified as liabilities   $ 773,330