Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating Activities    
Net Loss $ (10,811,423) $ (13,217,917)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization 38,483 19,288
Stock-Based Compensation 875,287 870,308
Loss on Cancellation of Stockholder Note Receivable 0 91,054
Deferred Taxes 86,045 (1,341,973)
Changes in Operating Assets and Liabilities:    
License and Grant Receivable 0 37,349
Prepaid Expenses and Other Current Assets 379,609 (447,570)
Refundable Tax Credit Receivable 4,191 (4,907)
Other Assets 69,643 (1,082)
Accounts Payable (642,435) (706,039)
Deferred Revenue 540,208 8,088,600
Unbilled Revenue (689,928) 0
Accrued Expenses (694,192) 144,348
Net Cash Used in Operating Activities (10,844,512) (6,468,541)
Investing Activities:    
Purchase of Property and Equipment (20,000) (36,999)
Payment Under License Agreement (250,000) 0
Net Cash Used in Investing Activities (270,000) (36,999)
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 10,108,762 10,589,183
Exercise of Common Stock Options 0 40,718
Exercise of Warrants 1,205,825 0
Proceeds from Employee Stock Purchase Plan 0 54,097
Equipment Financing Payments (9,782) (12,645)
Net Cash Provided by Financing Activities 11,304,805 10,671,353
Effect of Exchange Rate Changes on Cash 7,915 4,992
Net Increase in Cash 198,208 4,170,805
Cash, Including Restricted Cash, Beginning of Year 7,851,029 3,680,224
Cash, Including Restricted Cash, End of Year 8,049,237 7,851,029
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Conversion of Preferred Stock into Common Stock $ 80,388 $ 9,300