v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,006,735) $ (5,214,578)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 343,932 388,686
Stock-based compensation 475,175 1,360,623
Amortization of debt discount 236,398 60,650
Loss on extinguishment of debt 566,925
Amortization of right-of-use asset 80,447
Provision for bad debt expense 10,131 3,004
Change in operating assets and liabilities:    
Accounts receivable (353,015) (138,294)
Inventory (406,239) 535,434
Prepaid expenses and other current assets (1,697,474) (34,924)
Deposits 26,265 (6,917)
Accounts payable 285,184 (479,248)
Accrued expenses (168,840) 366,854
Contract liability 122,514 (9,999)
Lease obligations - operating leases (57,163)
Net cash used in operating activities (6,542,495) (3,168,709)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (581,137) (334,773)
Purchase of intangible assets (11,730) (28,294)
Disposal of intangible assets 40,294
Proceeds from merger with ABC Merger Sub, Inc. 3,060,740
Net cash provided by (used in) investing activities 2,467,873 (322,773)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance debt 1,318,000 1,100,000
Repayments of debt (1,742,884) (114,744)
Proceeds from exercise of warrants 2,983,527
Proceeds from issuance of Common Stock, net of fees and expenses 28,790,995 370
Proceeds from issuance of Preferred Stock 2,527,436
Net cash provided by financing activities 31,349,638 3,513,062
Net change in cash 27,275,016 21,580
Cash, beginning of period 641,822 39,243
Cash, end of period 27,916,838 60,823
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 78,794 30,129
Conversion of Notes Payable to Preferred Stock 350,000
Discount on Debt from issuance of Common Stock 254,848
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets 1,210,680
Conversion of debt to Common Stock 1,000,000
Conversion of Preferred Stock to Common Stock 9,025,245
Discount on debt from issuance of Common Stock and warrants 462,013
Accrued offering costs 74,200
Deemed divided on modification of Series H-5 warrants $ 432,727

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