Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (6,273,817) $ 507,635
Adjustments to reconcile from net income (loss) to net cash used in operating activities:    
Depreciation 217,631 101,911
Amortization of debt discount and debt issuance cost 448,908
Change in fair value of warrant derivative (4,709,583)
Stock-based compensation expense 323,989 209,763
Changes in operating assets and liabilities    
Accounts receivable (1,011,022) (809,543)
Factor receivables, net (214,322) 150,995
Inventory 359,902 (786,682)
Prepaid assets (966,196) (75,848)
Other assets (5,000) (3,537)
Accounts payable (431,819) (157,002)
Accrued expenses 39,888 (524,377)
Deferred revenue (33,665)
Net cash used in operating activities (7,511,858) (6,129,933)
Cash flows from investing activities:    
Proceeds from note receivable 3,000,000
Advance for property and equipment (250,000)
Purchases of property and equipment (786,329) (276,554)
Net cash used in investing activities 1,963,671 (276,554)
Cash flows from financing activities:    
Proceeds from sales of common stock and warrants, net of costs 28,122,740
Proceeds from exercise of Series A warrants 2,172,680
Proceeds from exercise of Placement Agent warrants 16,818
Proceeds from factor loan payable 169,223 1,809,884
Repayments of factor loan payable (2,028,866)
Repayments of Series D Preferred Stock (3,140,154)
Net cash provided by financing activities 25,151,809 1,970,516
Net increase (decrease) increase in cash 19,603,622 (4,435,971)
Cash, beginning of period 25,063 5,459,884
Cash, end of period 19,628,685 1,023,913
Supplemental disclosure of cash flow information:    
Interest
Income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Cashless exercise of warrants 244
Conversion of Series C Preferred Stock to common stock 13
Conversion of Series D Preferred Stock to common stock 2,971,311
Conversion of convertible notes payable to common stock 2,906,134
Issuance of common stock for prepaid services 572,400
Conversion of Series B warrants into common stock 13,369,232
Issuance of convertible preferred stock in exchange for warrants $ 3,671,024