Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (6,053,659) $ (3,754,659)
Adjustments to reconcile from net income (loss) to net cash used in operating activities:    
Depreciation 296,016 84,924
Amortization of debt discount and debt issuance cost 232,148
Stock-based compensation expense 81,537 96,490
Amortization of capitalized contract costs 213,353
Common stock issued for services 189,000
Changes in operating assets and liabilities    
Accounts receivable, net (3,726,729) 333,379
Factor receivables, net (233,172) (807,236)
Inventory (2,752,846) 382,397
Prepaid assets (575,421) 54,484
Other assets (241,225) (5,000)
Accounts payable (1,242,183) (748,131)
Accrued expenses 50,854 95,918
Net cash used in operating activities (13,994,475) (4,035,286)
Cash flows from investing activities:    
Purchases of property and equipment (968,306) (158,862)
Net cash used in investing activities (968,306) (158,862)
Cash flows from financing activities:    
Proceeds from sales of common stock and warrants, net of costs 9,388,740
Proceeds from exercise of warrants 5,408,540
Proceeds from issuance of stock, net of costs 39,911,415
Proceeds from factor loan payable 598,160
Repayments of factor loan payable (54,092)
Repayments of Series D Preferred Stock (3,140,154)
Net cash provided by financing activities 45,265,863 6,846,746
Net increase in cash 30,303,082 2,652,598
Cash, beginning of period 2,194,850 25,063
Cash, end of period 32,497,932 2,677,661
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 C Preferred Stock to common stock 13
Conversion of convertible notes payable to common stock 186,151
Purchases of property and equipment in accounts payable $ 417,645