XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (12,385,728) $ (7,463,259)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 353,269 375,334
Accretion of discount on NuvoGen obligation (5,850) (6,149)
Provision for excess inventory 157,409 5,507
Amortization of SVB Term Loan discount and issuance costs 227,303 234,927
Stock-based compensation expense 465,956 677,194
Employee stock purchase plan expense 33,183 26,231
Non-cash operating lease expense 202,091 254,584
Accrued interest on available-for-sale securities investments (218) (10,530)
Gain on forgiveness of PPP Loan 0 (1,735,792)
(Gain) loss on abandonment and disposal of assets, net (4,000) 178,925
Changes in operating assets and liabilities:    
Accounts receivable 833,373 (114,735)
Inventory (232,328) (831,511)
Prepaid expenses and other 1,104 (573,569)
Accounts payable (544,368) 443,816
Accrued liabilities (676,855) (117,926)
Contract liabilities (11,114) 21,241
Operating lease liabilities (202,331) (266,464)
Net cash used in operating activities (11,789,104) (8,902,176)
Investing activities    
Purchase of property and equipment (15,078) (241,474)
Gain on sales of property and equipment 4,000  
Maturities of available-for-sale securities 11,600,000 6,300,000
Purchase of available-for-sale securities (7,610,724) (16,173,223)
Net cash (used in) provided by investing activities 3,978,198 (10,114,697)
Financing activities    
Proceeds from ATM Offering, net of commissions of $0.3 million   10,665,819
Proceeds from March 2022 Purchase Agreement, net of $0.4 million of issuance costs 7,073,950  
Payments on NuvoGen obligation (272,624) (254,979)
Payments on SVB Term Loan (2,500,000)  
Payments on deferred offering costs (67,845)  
Payments on financing leases (9,082) (12,694)
Proceeds from exercise of stock options   326
Taxes paid for net share settlement of restricted stock awards (10,014) (1,892)
Proceeds from shares purchased under stock purchase plans 23,327 53,437
Proceeds from exercise of pre-funded warrants 2,411  
Payments on insurance notes (258,011) (247,047)
Net cash provided by financing activities 3,982,112 10,202,970
Effect of exchange rates on cash (14,578) (7,464)
Decrease in cash and cash equivalents (3,843,372) (8,821,367)
Cash and cash equivalents at beginning of period 9,599,950 22,397,812
Cash and cash equivalents at end of period 5,756,578 13,576,445
Supplemental disclosure of noncash investing and financing activities    
Fixed asset purchases payable and accrued at period end   41,864
Issuance of common stock upon conversion of Series A convertible preferred stock 1,402,430  
Issuance of common stock from cashless exercise of pre-funded warrants   145
Deferred financing costs payable and accrued at period end 15,616  
2022 and 2021 Insurance Notes issued for insurance premiums 822,889 746,360
Gain on forgiveness of PPP Loan   1,735,792
Reclassification of refund liability to accounts receivable   281,722
Supplemental cash flow information    
Cash paid for interest 272,920 296,835
Cash paid for taxes $ 5,399 $ 12,665