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 ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (1,993,487) $ (4,899,453)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 72,548 19,516
Amortization of intangibles 18,971
Change in inventory value 161,440
Stock-based compensation 1,230,362 2,356,547
Loss on settlement of accounts payable 885,773
Bad debt expense 104,501
Changes in operating assets and liabilities:    
Accounts receivable 123,451 63,554
Prepaid expenses and other assets (41,491) (655,346)
Inventory 475,000 (109,244)
Other long-term assets 17,561
Accounts payable and accrued liabilities (374,774) 530,501
Deferred revenue (241,500) 770,625
Net cash used in operating activities (483,950) (1,000,995)
Cash flows from investing activities:
Cash flows from financing activities:    
Proceeds from notes payable 139,595 293,972
Proceeds from equity financing 515,000
Proceeds from exercise of warrants 38,570
Net cash provided by financing activities 139,595 847,542
Net (decrease) increase in cash (344,355) (153,453)
Cash, beginning of period 376,425 487,953
Cash, end of period 32,070 334,500
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 272
Shares issued to a current and former employee 2,356,547
Cashless exercise of warrant 347
Cashless exercise of options 57
Settlement of accounts payable with issuance of common stock 1,758,190
Shareholder advances for purchase of inventory $ 475,000