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 ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating Activities:    
Net Loss $ (966,463) $ (5,159,582)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 25,836 15,932
Amortization of Right-of-Use Assets 79,641 0
Stock-Based Compensation 469,096 290,856
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (95,893) 14,746
Refundable Tax Credit Receivable 16,672 10,076
Other Assets 8,695 0
Accounts Payable 32,927 (350,064)
Lease Liabilities (79,641) 0
Deferred Revenue (2,686,000) 577,208
Unbilled Revenue 0 (689,928)
Accrued Expenses (373,860) (768,996)
Net Cash Used in Operating Activities (3,568,990) (6,059,752)
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 0 10,108,762
Exercise of Warrants 32,000 754,225
Equipment Financing Payments (3,143) (6,322)
Net Cash Provided by Financing Activities 28,857 10,856,665
Effect of Exchange Rate Changes on Cash 982 1,861
Net (Decrease) Increase in Cash (3,539,151) 4,798,774
Cash, Including Restricted Cash, Beginning of Period 8,049,237 7,851,029
Cash, Including Restricted Cash, End of Period 4,510,086 12,649,803
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities 189,153 0
Conversion of Preferred Stock into Common Stock $ 0 $ 36,637
Cancellation and Correction of Restricted Stock Par Value 17,819 0