Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (6,195,557)
|
$ (6,271,723)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
65,902
|
50,765
|
| Stock based compensation |
1,088,386
|
1,332,388
|
| Accretion of notes payable discount |
91,428
|
|
| Gain on disposition of assets |
850
|
|
| Allowance for doubtful accounts |
11,000
|
|
| Loss on equity method investment |
232,881
|
38,764
|
| Changes in assets and liabilities: |
|
|
| Increase (decrease) deferred income |
1,323
|
(194,338)
|
| Decrease (increase) in prepaid and other assets |
(292,463)
|
900,666
|
| Increase in accounts receivable |
(121,462)
|
(13,420)
|
| Increase in inventory |
(179,015)
|
(9,085)
|
| Increase (decrease) in accounts payable and accrued expenses |
(226,664)
|
85,947
|
| Net cash used in operating activities |
(5,525,091)
|
(4,080,036)
|
| Cash flows from investing activities: |
|
|
| Purchase of property and equipment |
(113,246)
|
(41,336)
|
| Investment in joint venture |
(322,000)
|
(339,000)
|
| Net cash used by investing activities |
(435,246)
|
(380,336)
|
| Cash flows from financing activities: |
|
|
| Proceeds from sale of common stock |
5,496,002
|
30,000
|
| Proceed from sale of preferred stock |
1,000,000
|
|
| Proceeds from debt financing |
|
2,000,000
|
| Offering costs |
(592,764)
|
(153,845)
|
| Net cash provided by financing activities |
5,903,238
|
1,876,155
|
| Net increase (decrease) in cash |
(57,099)
|
(2,584,217)
|
| Cash and cash equivalents beginning of period |
950,237
|
3,534,454
|
| Cash and cash equivalents end of period |
893,138
|
950,237
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
15,000
|
71,000
|
| Income taxes paid |
|
|
| Schedule of non-cash (investing) and financing activities: |
|
|
| Warrants issued for services |
379,487
|
|
| Conversion of preferred stock to common |
440,000
|
|
| Conversion of debt for preferred stock |
$ 2,000,000
|
|