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 ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net Loss $ (4,394,850) $ (8,283,418)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 38,754 25,564
Amortization of Right-of-Use Assets 120,437 0
Stock-Based Compensation 648,818 620,335
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (72,641) (34,182)
Refundable Tax Credit Receivable 13,432 5,493
Other Assets 8,695 19,755
Accounts Payable 1,003,995 (381,907)
Lease Liabilities (120,437) 0
Deferred Revenue (2,686,000) 540,208
Unbilled Revenue 0 (689,928)
Accrued Expenses (127,419) (662,916)
Net Cash Used in Operating Activities (5,567,216) (8,840,996)
Investing Activities:    
Purchase of Property and Equipment 0 (20,000)
Payment Under License Agreement 0 (250,000)
Net Cash Used in Investing Activities 0 (270,000)
Financing Activities:    
Proceeds from Stock Offerings, Net of Offering Costs 0 10,108,762
Stock Issuance Costs (11,565) 0
Settlement of Fractional Shares (2,614) 0
Exercise of Warrants 32,000 1,093,825
Equipment Financing Payments (4,715) (7,894)
Net Cash Provided by Financing Activities 13,106 11,194,693
Effect of Exchange Rate Changes on Cash 4,450 10,368
Net (Decrease) Increase in Cash (5,549,660) 2,094,065
Cash, Including Restricted Cash, Beginning of Period 8,049,237 7,851,029
Cash, Including Restricted Cash, End of Period 2,499,577 9,945,094
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities 246,186 0
Conversion of Preferred Stock into Common Stock $ 0 $ 5,359
Cancellation of Restricted Stock 79 0