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, 2020
Dec. 31, 2019
Operating Activities:    
Net Loss $ (8,091,940) $ (7,096,696)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 33,399 51,672
Reduction of Right-of-Use Assets 166,822 162,261
Stock-Based Compensation 723,856 852,230
Contingent Consideration 0 500,000
Expiration of Prepaid Agreement 159,848 0
Deferred Taxes 12,055 95,396
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired:    
Prepaid Expenses and Other Current Assets (146,971) (3,051)
Refundable Tax Credit Receivable (18,957) 13,210
Other Assets 18,916 (37,697)
Accounts Payable 136,697 146,636
Lease Liabilities (166,822) (162,261)
Deferred Revenue 0 (2,686,000)
Accrued Expenses (144,072) 10,467
Net Cash Used in Operating Activities (7,317,169) (8,153,833)
Investing Activities:    
Purchase of Property and Equipment (20,077) 0
Acquisition of Panoptes (Net of Cash Acquired) (110,644) 0
Dissolution of Foreign Entity (113,717) 0
Net Cash Used in Investing Activities (244,438) 0
Financing Activities:    
Proceeds from Stock Offerings 5,000,000 1,875,000
Stock Issuance Costs (498,687) (97,082)
Exercise of Warrants 218,000 2,150,216
Paycheck Protection Program Loan Proceeds 278,190 0
Settlement of Fractional Shares 0 (2,614)
Equipment Financing Payments 0 (4,715)
Net Cash Provided by Financing Activities 4,997,503 3,920,805
Effect of Exchange Rate Changes on Cash (26,931) 5,503
Net (Decrease) Increase in Cash (2,591,035) (4,227,525)
Cash, Including Restricted Cash, Beginning of Year 3,821,712 8,049,237
Cash, Including Restricted Cash, End of Year 1,230,677 3,821,712
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities $ 166,824 $ 109,511
Cancellation of Restricted Stock 0 79
Issuance of Restricted Stock Awards $ 490 $ 0
ASU 2016-02 | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities Upon Adoption of ASU 2016-02 $ 0 $ 136,675