Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (2,181,707) $ (7,137,615)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 157,652 93,021
Amortization of debt discount and debt issuance cost 198,913 1,443,955
Change in fair value of warrant derivative (4,769,363)
Stock issued in settlement of litigation 939,538
Stock-based compensation expense 273,200 654,608
Changes in operating assets and liabilities    
Accounts receivable, net (689,042) (826,221)
Factor receivables, net 597,871 437,392
Inventory (1,394,524) 54,218
Prepaid assets 7,486 5,500
Other assets (66,415) 8,553
Accounts payable 82,119 1,382,332
Accrued expenses (541,834) 985,002
Decrease in other current liabilities (25,439)
Increase in accrued liabilities 271,392
Deferred revenue (107,776)
Net cash used in operating activities (8,433,420) (1,713,764)
Cash flows from investing activities:    
Purchases of property and equipment (651,795)
Net cash used in investing activities (651,795)
Cash flows from financing activities:    
Proceeds from exercise of Series A warrants 2,172,680
Proceeds from exercise of Placement Agent warrants 16,818
Proceeds from sale of convertible preferred stock, net of costs 1,201,157
Cash payment for debt modification (25,000)
Cash payment for public offering cost (38,000)
Proceeds from notes payable, net of costs 4,515,000 752,579
Repayments of factor loan payable (623,844) (162,711)
Net cash provided by financing activities 6,080,654 1,728,025
Net (decrease) increase in cash (3,004,561) 14,261
Cash, beginning of period 5,459,884 44,348
Cash, end of period 2,455,323 58,609
Cash paid during the period for:    
Interest
Income taxes 800 800
Supplemental disclosure of non-cash investing and financing activities:    
Unpaid deferred public offering costs 130,565
Issuance of convertible preferred stock as debt issuance cost 667,023
Issuance of warrants in connection with convertible notes payable 575,000 540,429
Debt issuance cost paid with warrants 20,000 53,864
Issuance of common stock upon Series C preferred stock conversion 3,671,024
Issuance of Series C preferred stock upon exchange of Series A and Series B warrants
Additional non-cash items    
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