Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ (3,754,659) $ 500,213
Adjustments to reconcile from net income (loss) to net cash used in operating activities:    
Depreciation 84,924 36,297
Amortization of debt discount and debt issuance cost 232,148
Change in fair value of warrant derivative (2,597,899)
Stock-based compensation expense 96,490 105,642
Changes in operating assets and liabilities    
Accounts receivable 333,379 (1,025,135)
Factor receivables, net (807,236) (5,732)
Inventory 382,397 (1,333,991)
Prepaid assets 54,484 (168,237)
Other assets (5,000)
Accounts payable (748,131) 197,226
Accrued payroll taxes (120,134)
Accrued expenses 95,918
Other current liabilities (62,993)
Accrued liabilities (514,219)
Net cash used in operating activities (4,035,286) (4,988,962)
Cash flows from investing activities:    
Purchases of property and equipment (158,862) (115,948)
Net cash used in investing activities (158,862) (115,948)
Cash flows from financing activities:    
Proceeds from sales of common stock and warrants, net of costs 9,388,740
Proceeds from exercise of Series A warrants 2,172,680
Proceeds from exercise of Placement Agent warrants 16,818
Cash proceeds (payments) from loans payable (98,443)
Proceeds from factor loan payable 598,160
Repayments of Series D Preferred Stock (3,140,154)
Net cash provided by financing activities 6,846,746 2,091,055
Net increase (decrease) in cash 2,652,598 (3,013,855)
Cash, beginning of period 25,063 5,459,884
Cash, end of period 2,677,661 2,446,029
Supplemental disclosure of cash flow information:    
Interest
Income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Cashless exercise of warrants 241
Conversion of Series B warrants into common stock 5,635,769
Conversion of Series C Preferred Stock to common stock 13
Conversion of convertible notes payable to common stock $ 186,151