Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITES    
Net loss $ (15,023,842) $ (13,477,880)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 116,231 97,759
Amortization of deferred financing costs 120,712 712,395
Provision for obsolete inventory 100,254
PPP Loan forgiveness (666,091)
Amortization of intangible assets 1,396,364 19,840
Deferred income taxes, release of valuation allowance (2,921,982)
Change in fair value of derivative liability 37,607
Amortization of right of use asset 302,931 280,354
Loss on Intellectual Property 97,789 33,334
Stock-based compensation 3,253,590 4,676,362
Changes in operating assets and liabilities:    
Accounts receivable (1,153,315) (27,433)
Inventory (126,494) (297,904)
Other current assets (696,280) (430,357)
Accounts payable (86,658) 46,004
Deferred revenue 314,370 (213,815)
Operating lease liability (336,432) (485,687)
Accrued expenses and other current liabilities (1,586,563) 1,495,165
Net cash flows used in operating activities (16,895,416) (7,534,256)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (104,112) (31,117)
Purchase of equipment (923,718) (8,598)
Purchase of American Robotics, Inc., net of cash acquired (6,517,338)
Investment in Dynam A.I. (500,000)
Security deposit (165,463) 23,575
Cash disbursement on note receivable (2,000,000)  
Net cash flows used in investing activities (10,210,631) (16,140)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from paycheck protection program loan 666,091
Proceeds from sale of preferred stock, net of costs 4,217,970
Proceeds from sale of common stock, net of costs 47,523,569 31,253,998
Proceeds from exercise of stock options and warrants 1,461,146
Payments on loan payable (7,124,278) (4,679,958)
Net cash flows provided by financing activities 41,860,437 31,458,101
Increase in cash and cash equivalents 14,754,390 23,907,705
Cash and cash equivalent, beginning of period 26,060,733 2,153,028
Cash and cash equivalents, end of period 40,815,123 26,060,733
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 1,042,737 337,097
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Forgiveness of accrued officer’s salary 135,103 150,002
Debt exchanged for preferred stock 265,779
Accrued interest converted to debt 1,254,236
Shares issue for extension of debt 390,000
Common stock, warrants and forgiveness of note receivable in relation to acquisition of American Robotics $ 61,811,179