Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (10,649,000) $ (5,734,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,164,000 620,000
Amortization of discount on marketable securities (74,000)
Non-cash lease expense 49,000
Depreciation 21,000 15,000
Change in fair value of warrant liability 39,000
Changes in operating assets and liabilities:    
Amounts receivable (43,000) (700,000)
Prepaid expenses 322,000 (308,000)
Deposits 183,000
Accounts payable (301,000) (30,000)
Accrued liabilities 226,000 402,000
Net cash used in operating activities (9,102,000) (5,696,000)
Cash flows from investing activities:    
Purchase of marketable securities (12,919,000)
Maturities of marketable securities 9,000,000
Disposition of property and equipment, net 13,000
Purchase of property and equipment (2,000) (50,000)
Net cash used in investing activities (3,908,000) (50,000)
Cash flows from financing activities:    
Proceeds from exercise of stock options 75,000 43,000
Principal payments on finance lease obligations (5,000)
Proceeds from issuance of common shares, net of offering costs 14,726,000
Proceeds from issuance of common shares and warrants, net offering costs 5,840,000
Proceeds from the exercise of common share purchase warrants 607,000
Net cash provided by financing activities 70,000 21,216,000
Net increase (decrease) in cash and cash equivalents (12,940,000) 15,470,000
Cash and cash equivalents at beginning of period 16,823,000 1,353,000
Cash and cash equivalents at end of period 3,883,000 16,823,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 26,000 80,000
Cash paid for interest 2,000 11,000
Supplemental disclosure of non-cash transactions:    
Reclassification of warrant liability upon warrant exercise 123,000
Assets acquired under capital lease $ 24,000