Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net loss for the year $ (22,505,057) $ (33,122,888) $ (17,037,225)
Depreciation - property and equipment 88,957 122,982 95,375
Depreciation - right-of-use assets 357,230 362,592 0
Share-based compensation 2,558,974 1,470,153 1,415,833
Interest expense on lease liabilities 68,526 94,817 0
Unrealized foreign exchange loss (gain) 645,078 353,189 (374,337)
Onerous lease contract 0 0 67,588
Amortization - lease incentive liability 0 0 8,189
Change in fair value of warrant derivative (3,491,928) 12,608,808 0
Net change in non-cash working capital 209,779 (1,795,777) 3,904,339
Cash used in operating activities (22,068,441) (19,906,124) (11,920,238)
Investing Activities      
Acquisition of property and equipment (29,305) (10,905) (107,466)
Cash used in investing activities (29,305) (10,905) (107,466)
Financing Activities      
Proceeds from exercise of stock options 241,922 0 123,538
Payment of lease liabilities (460,724) (447,497) 0
Cash provided by financing activities 39,773,804 21,015,596 13,299,136
Increase in cash 17,676,058 1,098,567 1,271,432
Cash and cash equivalents, beginning of year 14,148,021 13,699,881 11,836,119
Impact of foreign exchange on cash and cash equivalents (604,505) (650,427) 592,330
Cash and cash equivalents, end of year 31,219,574 14,148,021 13,699,881
Warrant Derivative And Shares Under Warrant Agreement      
Financing Activities      
Proceeds from share issuance 1,696,460 3,465,867 1,417
Common Stock Purchase Agreement      
Financing Activities      
Proceeds from share issuance 0 5,360,247 2,533,980
At-the-market agreement      
Financing Activities      
Proceeds from share issuance 38,296,146 8,131,620 451,675
Public offering      
Financing Activities      
Proceeds from share issuance $ 0 $ 4,505,359 $ 10,188,526