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 ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (6,152,982) $ (2,181,707)
Adjustments to reconcile from net income (loss) to net cash used in operating activities:    
Depreciation 394,322 157,652
Amortization of debt discount and debt issuance cost 634,892 198,913
Change in fair value of warrant derivative (4,769,363)
Stock-based compensation expense 315,673 273,200
Changes in operating assets and liabilities    
Accounts receivable, net (10,508,916) (689,042)
Factor receivables, net (1,933,040) 597,871
Inventory (4,468,533) (1,394,524)
Prepaid assets (218,739) 7,486
Other assets (5,479) (66,415)
Accounts payable 2,971,766 82,119
Accrued expenses 183,757 (541,834)
Deferred revenue (107,776)
Net cash used in operating activities (18,787,279) (8,433,420)
Cash flows from investing activities:    
Proceeds from note receivable 3,000,000
Purchases of property and equipment (1,716,998) (651,795)
Net cash provided by (used in) investing activities 1,283,002 (651,795)
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 note payable 4,515,000
Proceeds from factor loan payable 1,388,240
Repayments of factor loan payable (623,844)
Repayments of Series D Preferred Stock (3,140,154)
Net cash provided by financing activities 26,370,826 6,080,654
Net increase (decrease) increase in cash 8,866,549 (3,004,561)
Cash, beginning of period 25,063 5,459,884
Cash, end of period 8,891,612 2,455,323
Supplemental disclosure of cash flow information:    
Interest
Income taxes 800
Supplemental disclosure of non-cash investing and financing activities:    
Cashless exercise of warrants 244
Issuance of warrants in connection with convertible notes payable 575,000
Debt issuance cost paid with warrants 20,000
Conversion of Series C Preferred Stock to common stock 13 3,671,024
Conversion of convertible notes payable to common stock 2,906,134
Conversation of Series D Preferred Stock to common stock 2,971,311
Issuance of common stock for prepaid services 572,400
Restricted promissory note in connection with convertible notes payable 4,780,000
Original issue discount 1,720,000
Conversion of Series B warrants into common stock $ 14,584,371