Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
| Cash flows from operating activities |
|
|
| Net income (loss) |
$ 29,671,348
|
$ (4,460,551)
|
| Adjustments to reconcile net income (loss) to cash used in operating activities: |
|
|
| Depreciation and amortization |
81,456
|
46,768
|
| Stock-based compensation expense |
2,167,376
|
570,632
|
| Accretion of notes payable discount |
|
91,428
|
| Gain on disposition of assets |
|
(850)
|
| Loss (gain) from equity method investment |
(1,016,297)
|
116,876
|
| Deferred income taxes |
(2,914,781)
|
|
| Changes in assets and liabilities: |
|
|
| Accounts and other receivable |
(10,509,035)
|
(39,433)
|
| Prepaid and other assets |
(22,076)
|
(12,993)
|
| Inventory |
(10,647,034)
|
800
|
| Deferred revenue |
739,781
|
4,386
|
| Accounts payable and accrued expenses |
656,602
|
(229,913)
|
| Net cash provided by (used in) operating activities |
8,207,340
|
(3,912,850)
|
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(305,683)
|
(77,026)
|
| Purchases of marketable investment securities |
(9,310,000)
|
|
| Proceeds from maturities of marketable investment securities |
3,260,000
|
|
| Investment in joint venture |
(714,500)
|
(319,440)
|
| Net cash used in investing activities |
(7,070,183)
|
(396,466)
|
| 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 |
1,187,984
|
|
| Payment of offering costs |
(1,457,922)
|
(592,764)
|
| Net cash provided by financing activities |
19,200,067
|
5,903,238
|
| Net increase in cash and cash equivalents |
20,337,224
|
1,593,922
|
| Cash and cash equivalents at beginning of period |
893,138
|
950,237
|
| Cash and cash equivalents at end of period |
21,230,362
|
2,544,159
|
| 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
|
|
| Warrants issued for services |
|
379,487
|
| Conversion of preferred stock to common |
|
440,000
|
| Conversion of debt for preferred stock |
|
$ 2,000,000
|