Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (1,065,193)
|
$ (1,368,389)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
20,748
|
13,668
|
| Stock based compensation |
432,823
|
87,794
|
| Accretion of notes payable discount |
|
91,428
|
| Gain on disposition of assets |
|
(850)
|
| Loss (gain) of equity method investment |
(9,181)
|
8,728
|
| Changes in assets and liabilities: |
|
|
| (Increase) in accounts and other receivables |
(924,356)
|
(21,637)
|
| (Increase) in prepaid and other assets |
(136,761)
|
(33,724)
|
| (Increase) in inventory |
(488,910)
|
|
| Increase in deferred revenue |
443,009
|
|
| Increase (decrease) in accounts payable and accrued expenses |
392,293
|
(145,900)
|
| Net cash used in operating activities |
(1,335,528)
|
(1,368,882)
|
| Cash flows from investing activities: |
|
|
| Purchase of property and equipment |
(100,370)
|
|
| Investment in joint venture |
(150,000)
|
(72,000)
|
| Net cash used in investing activities |
(250,370)
|
(72,000)
|
| Cash flows from financing activities: |
|
|
| Proceeds from sale of common stock |
19,520,005
|
5,496,002
|
| Proceeds from sale of preferred stock |
|
1,000,000
|
| Payment of offering costs |
(1,457,922)
|
(592,764)
|
| Net cash provided by financing activities |
18,062,083
|
5,903,238
|
| Net increase in cash |
16,476,185
|
4,462,356
|
| Cash and cash equivalents beginning of period |
893,138
|
950,237
|
| Cash and cash equivalents end of period |
17,369,323
|
5,412,593
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
|
15,000
|
| Income taxes paid |
|
|