Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,326,009) $ (3,072,738)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 307,408 607,658
Amortization of debt discount 169,739 27,883
Loss on extinguishment of debt 353,225
Amortization of right-of-use asset 49,738
Provision for bad debt expense 5,794 3,004
Change in operating assets and liabilities:    
Accounts receivable (247,708) (199,191)
Inventory 59,889 443,064
Prepaid expenses and other current assets (110,848) (74,322)
Deposits 26,265 (48,756)
Accounts payable 58,468 (864,827)
Accrued expenses (325,966) 268,636
Contract liability 63,904 (9,999)
Lease obligations - operating leases (30,286)
Net cash used in operating activities (2,717,923) (2,660,309)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (243,928) (309,195)
Purchase of intangible assets (8,520) (25,184)
Sale of intangible assets 40,294
Proceeds from merger with ABC Merger Sub, Inc. 3,060,740
Net cash provided by (used in) investing activities 2,808,292 (294,085)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance debt 1,318,000 800,000
Repayments of debt (1,103,401) (403,127)
Proceeds from exercise of warrants 515,338
Proceeds from issuance of Common Stock, net of fees and expenses 6,455,992
Proceeds from issuance of Preferred Stock 2,747,437
Net cash provided by financing activities 7,185,929 3,144,310
Net change in cash 7,276,298 189,916
Cash, beginning of period 641,822 39,243
Cash, end of period 7,918,120 229,159
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 58,366 39,380
Cash paid for taxes
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets    
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 $ 69,174