Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ 11,570,447
|
$ (2,712,785)
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Depreciation and amortization |
45,966
|
29,762
|
| Stock based compensation |
1,124,242
|
294,677
|
| Accretion of notes payable discount |
|
91,428
|
| Gain on disposition of assets |
|
(850)
|
| Loss (gain) of equity method investment |
(267,740)
|
7,000
|
| Changes in assets and liabilities: |
|
|
| Increase in accounts and other receivables |
(5,218,494)
|
(42,065)
|
| Increase in prepaid and other assets |
(158,614)
|
(183,446)
|
| Decrease (increase) in inventory |
(10,030,838)
|
9,920
|
| Increase in deferred revenue |
1,044,225
|
|
| Increase (decrease) in accounts payable and accrued expenses |
1,542,347
|
(191,332)
|
| Net cash used in operating activities |
(348,459)
|
(2,697,691)
|
| Cash flows from investing activities: |
|
|
| Purchase of property and equipment |
(205,290)
|
(52,775)
|
| Investment in joint venture |
(714,500)
|
(247,000)
|
| Net cash used in investing activities |
(919,790)
|
(299,775)
|
| Cash flows from financing activities: |
|
|
| Proceeds from sale of common stock |
19,470,005
|
5,496,002
|
| Proceeds from sale of preferred stock |
|
1,000,000
|
| Proceeds from exercise of options and warrants |
913,465
|
|
| Payment of offering costs |
(1,457,922)
|
(592,764)
|
| Net cash provided by financing activities |
18,925,548
|
5,903,238
|
| Net increase in cash |
17,657,299
|
2,905,772
|
| Cash and cash equivalents beginning of period |
893,138
|
950,237
|
| Cash and cash equivalents end of period |
18,550,437
|
3,856,009
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
|
15,000
|
| Income taxes paid |
|
|
| Supplemental disclosure of non-cash investing and financing transactions: |
|
|
| Inventory moved to property, plant and equipment |
$ 117,220
|
|