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, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITES    
Net loss $ (13,477,880) $ (19,390,132)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 97,759 143,459
Amortization of debt discount 712,395 343,687
Amortization of intangible assets 19,840 1,055
Change in fair value of derivative liability 37,607
Disposal of license 33,334
Non-cash lease expense 280,354 (81,659)
Impairment of operating lease 292,095
Impairment of deferred offering and financing costs 82,332
Stock-based compensation 4,676,362 938,052
Loss on disposal of fixed assets 183,431
Changes in operating assets and liabilities:    
Accounts receivable (27,433) 10,228
Inventory (297,904) (79,591)
Other current assets (430,357) (167,192)
Accounts payable 46,004 1,210,269
Operating lease liability (485,687) (388,298)
Deferred revenue (213,815) 358,219
Accrued expenses and other current liabilities 1,495,165 1,879,660
Net cash used in operating activities (7,534,256) (14,664,385)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (31,117) (74,111)
Purchase of equipment (8,598) (77,936)
Security deposit 23,575 (2,775)
Purchase of licenses (200,000)
Net cash used in investing activities (16,140) (354,822)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of preferred stock, net of costs 4,217,970
Proceeds from Paycheck Protection Program loan 666,091
Proceeds from secured promissory note 10,000,000
Proceeds from sale of common stock, net of costs 31,253,998 6,109,722
Payment on secured promissory note (4,679,958)
Payments for deferred offering costs (67,350)
Net cash provided by financing activities 31,458,101 16,042,372
Increase in cash and cash equivalents 23,907,705 1,023,165
Cash and cash equivalents, beginning of period 2,153,028 1,129,863
Cash and cash equivalents, end of period 26,060,733 2,153,028
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 337,097 1,038,246
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Forgiveness of accrued officers’ salary 150,002
Debt exchanged for preferred stock 265,779
Accrued interest converted to debt 1,254,236 230,565
Shares issued for extension of debt 390,000
Debt exchanged for common stock $ 14,496,871