Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities:    
Net Income (Loss) $ 870,809 $ (2,379,327)
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangibles Assets 12,918 7,966
Amortization of Lease Assets 39,321 0
Stock-Based Compensation 232,906 145,547
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (243,081) (102,058)
Refundable Tax Credit Receivable 11,406 (1,524)
Other Assets 8,695 0
Accounts Payable 180,534 (484,209)
Lease Liabilities (38,956) 0
Deferred Revenue (2,686,000) (92,000)
Unbilled Revenue 0 (806,208)
Accrued Expenses (535,119) (402,910)
Net Cash Used in Operating Activities (2,146,567) (4,114,723)
Financing Activities:    
Stock Issuance Costs 0 (40,394)
Equipment Financing Payments (1,572) (3,161)
Net Cash Used in Financing Activities (1,572) (43,555)
Effect of Exchange Rate Changes on Cash (132) 557
Net Decrease in Cash (2,148,271) (4,157,721)
Cash, Including Restricted Cash, Beginning of Period 8,049,237 7,851,029
Cash, Including Restricted Cash, End of Period 5,900,966 3,693,308
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets $ 136,675 $ 0
Cancellation and Correction of Restricted Stock Par Value 17,819 0