v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (5,633,833) $ (1,795,153)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 124,198 114,275  
Stock-based compensation 1,699,423 156,458  
Amortization of debt discount 63,744  
Amortization of right-of-use asset 39,234 19,717  
Provision for bad debt expense 29,032 2,694  
Change in operating assets and liabilities:      
Accounts receivable (316,870) (98,228)  
Inventory 313,046 50,328  
Prepaid expenses and other current assets (179,843) (114,157)  
Deposits (18,798)  
Accounts payable 174,392 122,024  
Accrued expenses 383,225 427,875  
Contract liability (24,000) 71,404  
Lease obligations - operating leases (39,273) (4,096)  
Net cash used in operating activities (3,450,067) (983,115)  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (131,111) (87,547)  
Purchase of intangible assets (16,183) (538)  
Net cash used in investing activities (147,294) (88,085)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance debt 500,000  
Repayments of debt (1,829) (1,682)  
Proceeds from exercise of warrants 100,000  
Proceeds from exercise of stock options 183,425  
Proceeds from issuance of Common Stock, net of fees and expenses 58,269,829  
Net cash provided by financing activities 58,551,425 498,318  
Net change in cash 54,954,064 (572,882)  
Cash, beginning of period 36,537,097 641,822 $ 641,822
Cash, end of period 91,491,161 68,940 $ 36,537,097
Supplemental disclosure of cash and non-cash transactions:      
Cash paid for interest 851 28,436  
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets $ 120,440 $ 1,210,680  

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