v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,578,660) $ (5,633,833)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 121,425 124,198
Stock-based compensation 288,110 1,699,423
Amortization of right-of-use asset 58,651 39,234
Provision for bad debt expense 11,657 29,032
Unrealized loss on marketable securities 22,101
Change in operating assets and liabilities:    
Accounts receivable (246,050) (316,870)
Inventory (137,258) 313,046
Prepaid expenses and other current assets (312,992) (179,843)
Deposits (18,798)
Accounts payable (30,899) 174,392
Accrued expenses (676,083) 383,225
Contract liability (24,000)
Lease obligations - operating leases (65,115) (39,273)
Net cash used in operating activities (5,545,113) (3,450,067)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (113,637) (131,111)
Purchase of marketable securities (20,000,000)
Purchase of intangible assets (7,000) (16,183)
Net cash used in investing activities (20,120,637) (147,294)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of debt (1,829)
Proceeds from exercise of warrants, net of fees 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
Net change in cash (25,665,750) 54,954,064
Cash, beginning of year 69,160,466 36,537,097
Cash, end of quarter 43,494,716 91,491,161
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 851
Restricted Stock issued, previously accrued 329,381
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets $ 120,440

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