Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (2,955,294) $ (7,646,666)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 73,901 29,275
Amortization of intangibles 28,457
Change in inventory value 161,440
Stock-based compensation 1,929,446 2,844,851
Loss on settlement of accounts payable 1,612,539
Bad debt expense 125,625 189,987
Changes in operating assets and liabilities:    
Accounts receivable 265,106 192,620
Prepaid expenses and other assets (6,312) (244,671)
Inventory 475,000 (991,309)
Other assets 17,561
Accounts payable and accrued liabilities (241,840) 2,237,862
Deferred revenue (566,500) 585,083
Net cash used in operating activities (739,428) (1,144,411)
Cash flows from investing activities:    
Purchase of fixed assets (1,229)
Net cash used in investing activities (1,229)
Cash flows from financing activities:    
Proceeds from notes payable 139,595 293,972
Proceeds from shareholder advance 100,000
Proceeds from common stock placement 525,000
Proceeds from equity financing 515,000
Proceeds from exercise of warrants 38,570
Net cash provided by financing activities 764,595 847,542
Net (decrease) increase in cash 25,167 (298,098)
Cash, beginning of period 376,425 487,953
Cash, end of period 401,592 189,855
Supplemental disclosures of cash flow information:    
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:    
Shares issued for equity financing 250,000
Shares issued for vested restricted stock units 505  
Cashless exercise of warrant 416
Cashless exercise of options 86
Settlement of accounts payable with issuance of common stock 2,747,615
Shareholder advances for purchase of inventory $ 475,000