v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITES    
Net loss $ (5,959,886) $ (6,027,826)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 50,272 49,473
Amortization of deferred financing costs 120,712 295,159
PPP Loan forgiveness (666,091)  
Amortization of intangible assets 19,617 6,464
Amortization of right of use asset 154,457 134,768
Loss on Intellectual Property 70,895
Stock-based compensation 1,650,119 1,906,679
Changes in operating assets and liabilities:    
Accounts receivable (678,694) (312,769)
Inventory 5,387 (102,821)
Other current assets (435,929) (126,276)
Accounts payable (496,344) 1,041,105
Deferred revenue (140,343)  
Operating lease liability (159,560) (234,400)
Accrued expenses and other current liabilities (623,300) 604,579
Net cash flows used in operating activities (7,088,688) (2,765,865)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (3,698) (24,499)
Purchase of equipment (72,429) (6,898)
Proceeds from sub-lease deposit 19,332
Security deposit (90,000) 2,775
Cash paid for note receivable (2,000,000)  
Net cash flows used in investing activities (2,166,127) (9,290)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from paycheck protection program loan   666,091
Proceeds from exercise of warrants 1,344,882
Proceeds from 2021 Public Offering, net of costs 47,523,583
Payments on loan payable (7,124,278)  
Net cash flows provided by financing activities 41,744,187 666,091
Increase (decrease) in cash and cash equivalents 32,489,372 (2,109,064)
Cash and cash equivalent, beginning of period 26,060,733 2,153,028
Cash and cash equivalents, end of period 58,550,105 43,964
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 1,038,532 4,928
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Forgiveness of accrued officers salary $ 135,103 $ 150,002

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