Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows From Operating Activities:    
Net (loss) income $ (1,893,627) $ 2,204,088
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 69,235 82,216
Amortization of discount on convertible debt 528,929
Change in fair value of derivative and other accrued liabilities (54,742) (3,024,598)
Provision for bad debt 9,777 38,275
Gain on settlement of debt (310,000)
Loss on settlement reserve 127,941
Loss on settlement of liabilities for equity 2,192,045
Gain on settlement of liabilities to JMJ for equity (5,800,175)
Interest expense - related party share transfer 785,200
Provision for slow moving and obsolete inventory 123,808
Gain on settlement of accounts payable, net (52,500) (920,352)
Common stock 184,295 2,703,245
Options (39,290)
Warrants 114,069
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (39,119) (17,439)
Inventory (805,220) 37,899
Prepaid expenses and other current assets 102,370 (722,651)
Other assets (879) 22,797
Accounts payable and accrued expenses (181,790) (3,122,531)
Deferred revenue (24,175) (43,929)
Total Adjustments (1,018,230) (7,019,059)
Net Cash Used in Operating Activities (2,911,857) (4,814,971)
Cash Flows From Investing Activities:    
Purchases of property and equipment (27,392) (21,499)
Net Cash Used In Investing Activities (27,392) (21,499)
Cash Flows From Financing Activities:    
Proceeds from sale of common stock in public offering [1] 16,243,055
Payment of public offering costs (1,190,082)
Proceeds from issuance of notes payable to non-related party 55,000
Proceeds from advance from a related party 250,000
Repayment of notes and convertible notes payable (760,000)
Net Cash Provided by Financing Activities 14,597,973
Net (Decrease) Increase In Cash (2,939,249) 9,761,503
Cash - Beginning of Period 15,538,849 185,151
Cash - End of Period 12,599,600 9,946,654
Supplemental Disclosures of Cash Flow Information:    
Interest expense 5,072
Non-cash investing and financing activities:    
Common stock issued in partial satisfaction of debt and other liabilities 4,283,988
Reduction of additional paid-in capital for public offering issuance costs that were previously paid (172,158)
Common stock issued upon conversion of Series A convertible preferred stock 11,000
Common stock issued in satisfaction of Series B convertible preferred stock 825,000
Common stock issued upon conversion of Series C convertible preferred stock 255
Common stock issued upon conversion of Series D convertible preferred stock 5
Return and retirement of common stock (8)
Restricted stock issued in satisfaction of accrued issuable equity 199,888  
Change in fair value of marketable securities 100,686
Warrants reclassified from derivative liabilities 36,445
Accrual of contractual dividends on Series C Convertible Preferred Stock 607,800
Issuance of Series C Convertible Preferred Stock in satisfaction of contractual dividends
Transfer of inventory to property and equipment (44,079) (21,163)
Series D convertible preferred stock issued in satisfaction of liabilities $ 12,005,000
[1] Includes gross proceeds of $18,504,320, less issuance costs of $2,261,265 deducted directly from the offering proceeds.