Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (3,814,468) $ (7,402,350)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 76,156 29,043
Amortization of intangibles 205,219
Change in inventory value 366,840
Stock-based compensation 2,687,901 3,284,570
Loss on settlement of accounts payable 1,612,538
Bad debt expense 163,917 73,993
Changes in operating assets and liabilities:    
Accounts receivable 93,388 3,097
Prepaid expenses and other assets 23,688 (76,470)
Inventory 475,000 (523,440)
Other assets 17,561
Accounts payable and accrued liabilities (452,284) 848,473
Deferred revenue (690,083) 968,696
Net cash used in operating activities (1,069,945) (959,070)
Net cash used in investing activities
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 (305,350) (111,528)
Cash, beginning of period 376,425 487,953
Cash, end of period 71,075 376,425
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 662
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