Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities:    
Net loss $ (9,648,500) $ (3,421,203)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 417,061 360,765
Amortization of discount on convertible debt 528,929
Change in fair value of derivative and other accrued liabilities (65,104) (5,093,024)
Dividend and interest income (88,495) (147,243)
Provision for bad debt 102,940 67,695
Gain on settlement of debt (310,000)
Loss on settlement reserve 127,941
Loss on settlement of liabilities for equity 2,136,860
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 437,068 204,000
Loss on disposal of property and equipment 66,746
Gain on settlement of accounts payable, net (273,667) (972,637)
Loss on disposal of fixed assets 65,488
Loss on impairment of intangible assets 83,135
Gain on extinguishment of derivative liabilities (24,240)
Non-cash compensation:    
Common stock 547,782 3,612,411
Options 180,757 85,386
Warrants 114,069
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (141,541) (7,946)
Inventory (2,022,653) (1,143,262)
Prepaid expenses and other current assets 168,487 (798,226)
Other assets (2,545) (3,889)
Accounts payable and accrued expenses (470,354) (4,120,435)
Lease liabilities (135,267) (62,792)
Deferred revenue 197,252 (63,128)
Total Adjustments 1,309,656 (10,146,995)
Net Cash Used in Operating Activities 10,958,156 (13,568,198)
Cash Flows From Investing Activities:    
Purchases of marketable securities (2,731,421)
Purchases of property and equipment (552,820) (37,711)
Net Cash Used In Investing Activities (552,820) (2,769,132)
Cash Flows From Financing Activities:    
Proceeds from sale of common stock in public offering [1] 16,243,055
Payment of financing liability in connection with internal use software (52,379)
Payment of public offering costs (1,190,082)
Proceeds from issuance of notes payable to non-related party 55,000
Proceeds from exercise of warrants 17,143,055
Proceeds from advance from a related party 250,000
Repayment of notes and convertible notes payable (810,000)
Net Cash (Used in) Provided by Financing Activities (52,379) 31,691,028
Net (Decrease) Increase In Cash (11,563,355) 15,353,698
Cash - Beginning of Year 15,538,849 185,151
Cash - End of Year 3,975,494 15,538,849
Supplemental Disclosures of Cash Flow Information:    
Interest expense 44,407
Non-cash investing and financing activities:    
Common stock issued in partial satisfaction of debt and other liabilities 4,353,988
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 7
Restricted stock issued in satisfaction of accrued issuable equity 381,131 899,072
Warrants issued in satisfaction of accrued issuable equity   409,042
Return and retirement of common stock (8) 2,942
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 2,500,600
Transfer of inventory to property and equipment (663,624) (48,606)
Change in fair value of marketable securities 183,173
Series D convertible preferred stock issued in satisfaction of liabilities 12,005,000
Return and retirement of common stock previously held as collateral 67,058
Internal use software license obtained in exchange for financing obligation $ 184,141
[1] Includes gross proceeds of $18,504,320, less issuance costs of $2,261,265 deducted directly from the offering proceeds.