v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,763,446) $ (8,664,693)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 447,283 722,566
Stock-based compensation 1,827,008 3,372,726
Amortization of debt discount 236,398 152,243
Loss on extinguishment of debt 566,925
Amortization of right-of-use asset 111,861
Provision for bad debt expense 37,745 29,099
Debt forgiveness (PPP loan) (218,000)
Change in operating assets and liabilities:    
Accounts receivable (732,449) 159,986
Inventories (4,967) 532,089
Prepaid expenses and other current assets (1,444,363) 4,656
Deposits 26,265 (6,917)
Accounts payable (59,489) (715,267)
Accrued expenses 10,632 319,225
Contract liability 24,000 (9,999)
Lease obligations - operating leases (84,747)
Net cash used in operating activities (10,019,344) (4,104,286)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (504,332) (469,834)
Disposals of property and equipment 90,747
Purchase of intangible assets (14,388) (35,559)
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 2,542,020 (374,352)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance debt 1,318,000 2,675,000
Repayments of debt (1,744,676) (116,392)
Proceeds from exercise of warrants, net of fees and expenses 3,926,818
Proceeds from exercise of stock options 16,669
Proceeds from issuance of Common Stock, net of fees and expenses 39,855,788 4,234
Proceeds from issuance of Preferred Stock 2,518,375
Net cash provided by financing activities 43,372,599 5,081,217
Net change in cash 35,895,275 602,579
Cash, beginning of year 641,822 39,243
Cash, end of year 36,537,097 641,822
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 102,911 32,786
Conversion of notes payable to Preferred Stock 1,136,363
Conversion of accounts payable to Preferred Stock 1,100,000
Conversion of accounts payable to notes payable 137,729
Discount on debt from issuance of common stock 493,553
Interest forgiven on PPP loan 1,363  
Conversion of debt to Common Stock 1,000,000
Conversion of Preferred Stock to Common Stock 9,025,245
Cashless exercise of 76,999 H-5 warrants 192,500
Discount on debt with related party 462,013
Deemed divided on modification of Series H-5 warrants 432,727
Restricted Stock for service, vested not issued 42,300
Offering costs included in accounts payable, not paid 54,617
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets $ 1,210,680

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