Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (2,416,228) $ (3,694,816)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 22,108 211,218
Amortization of debt discount 912 63,578
Issuance of warrants pursuant to short-term notes, related party 17,636
Stock based compensation 643 89,043
Loss on write-off of inventory 2,191
Common stock issued for consulting services 35,000 52,032
Change in fair value of derivative liability - warrants and redemption put liability (368,637)
Bad debt expense 3,000 8,025
Changes in operating assets and liabilities, net of purchase transaction:    
Accounts receivable 8,334 76,811
Other receivables 6,972 (76,504)
Prepaid expenses and other assets 594,251 (260,065)
Interest payable 39,363 (78,987)
Accounts payable 204,843 (187,697)
Accrued liabilities 211,221 (202,412)
Other current liabilities 25,948 49,696
Deferred revenue (276,125) 69,750
Net Cash Used in Operating Activities (1,890,759) (3,878,137)
Cash Flows from Investing Activities    
Purchases of property and equipment (4,730)
Purchase of business, net of cash acquired (302,710)
Cash excluded in Merger (69,629)
Net Cash Used in Investing Activities (377,069)
Cash Flows from Financing Activities    
Proceeds from short-term notes, related parties 500,000
Payment of dividends (6,137)
Payment on debt obligations (10,937)
Proceeds from common stock, net of issuance costs 4,217,946
Proceeds from warrants, net of issuance costs 2,565,638
Proceeds from issuance of Series D Convertible Preferred stock 100,000
Net Cash Provided by Financing Activities 589,063 6,777,447
Net (Decrease) Increase in Cash (1,301,696) 2,522,241
Cash - Beginning of period 1,424,096 69,628
Cash - End of period 122,400 2,591,869
Supplementary Cash Flow Information    
Cash paid for interest 15,874 9,320
Non-cash investing and financing activities    
Deemed dividend on adjustment to exercise price on certain warrants 404,384
Deemed dividend on beneficial conversion features 32,592
Issuance of common stock pursuant to conversion of debt obligations 225,937
Issuance of warrants pursuant to conversion of short-term debt 74,063
Deemed dividend on Series D Convertible Preferred Stock 158,147
Issuance of Warrants in connection with Series D Convertible Preferred Stock 31,902
Dividends accrued on Series B Convertible Preferred Stock 18,300 24,638
Right-of-use asset additions 1,092,102
Right-of-use liability additions $ 1,113,646