Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities:    
Net income (loss) $ 500,213 $ (1,412,686)
Adjustment to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 36,297 31,008
Amortization of original issue discount and debt issuance cost 410,862
Change in fair value of warrant derivative (2,597,899)
Stock-based compensation expense 105,642 28,054
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (1,025,135) (665,886)
(Increase) in factor receivables (5,732) (173,023)
(Increase) in inventory (1,333,991) (183,945)
(Increase) decrease in prepaid assets (168,237) 10,000
Decrease in security deposits 8,553
Increase in accounts payable 197,226 635,719
(Decrease) increase in accrued payroll taxes (120,134) 174,996
(Decrease) in other current liabilities (62,993) (32,524)
(Decrease) increase in accrued liabilities (514,219) 138,408
Net cash used in operating activities (4,988,962) (1,030,464)
Cash Flows from Investing Activities:    
Cash paid for purchase of property and equipment (115,948)
Net cash used in investing activities (115,948)
Cash Flows from Financing Activities:    
Proceeds from exercise of Series A Warrants, net of costs 2,172,680
Proceeds from sale of convertible preferred stock, net of costs 613,200
Cash payment for debt modification (25,000)
Proceeds from exercise of placement agent warrants 16,818
Cash (payments of) proceeds from loans payable (98,443) 405,880
Net cash provided by financing activities 2,091,055 994,080
Net decrease in cash (3,013,855) (36,384)
Cash, beginning of the period 5,459,884 44,348
Cash, end of the period 2,446,029 7,964
Supplemental disclosures of cash flow information:    
Cash paid for income taxes
Cash paid for interest
Supplemental disclosures of non-cash investing and financing activities:    
Issuance of convertible preferred stock as debt issuance cost 404,524
Issuance of warrants as compensation for capital raise 14,495
Conversion of Series B Warrants into common stock $ 5,635,769