v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITES    
Net loss $ (19,390,132) $ (12,096,864)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 143,459 54,946
Allowance for doubtful accounts (7,914)
Amortization of debt discount and deferred financing costs 119,105 835,849
Amortization of intangible assets 1,055 194
Amortization of right of use assets (81,659)
Impairment of operating lease 292,095
Impairment of deferred offering and financing costs 82,332
Accreted interest 224,582
Stock-based compensation 938,052
Loss on disposal of fixed assets 183,431
Loss on conversion of debt 31,943
Change in fair value of derivative liability 975,902
Changes in operating assets and liabilities:    
Accounts receivable 10,228 9,329
Inventory (79,591) (174,624)
Other current assets (167,192) (477,937)
Accounts payable 1,210,269 (44,359)
Accrued expenses and other current liabilities 1,849,581 2,376,272
Net cash flows used in operating activities (14,664,385) (8,517,263)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of licenses (200,000)
Purchase of equipment (77,936) (544,236)
Patent costs (74,111) (53,482)
Deposits (2,775) (31,965)
Net cash flows used in investing activities (354,822) (629,683)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from secured promissory note 10,000,000 9,875,000
Payments for deferred offering costs (67,350)
Proceeds from convertible notes payable 100,000
Proceeds from sale of common stock, net of costs 6,109,722 4,696
Repayment of advances from related party (155,645)
Purchase and retirement of common stock (3,260)
Net cash flows provided by financing activities 16,042,372 9,820,791
Increase in cash and cash equivalents 1,023,165 673,845
Cash and cash equivalent, beginning of year 1,129,863 456,018
Cash and cash equivalents, end of year 2,153,028 1,129,863
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 1,038,246 979,167
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Debt exchanged for common stock 14,496,871
Accrued interest converted to debt 230,565 17,310
Increase in debt for non cash interest 135,246
Derivative liability $ 1,141,995

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