Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2021 |
Mar. 31, 2020 |
| Cash flows from operating activities |
|
|
| Net income (loss) |
$ 7,898,975
|
$ (1,065,193)
|
| Adjustments to reconcile net income (loss) to cash used in operating activities: |
|
|
| Depreciation and amortization |
67,005
|
20,748
|
| Stock-based compensation expense |
1,513,012
|
432,823
|
| Loss (gain) from equity method investment |
464,943
|
(9,181)
|
| Deferred income taxes |
302,399
|
|
| Bad debt expense |
79,700
|
31,000
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(59,994)
|
(924,356)
|
| Prepaid and other assets |
(114,473)
|
(167,761)
|
| Inventory |
1,797,581
|
(488,910)
|
| Deferred revenue |
(146,516)
|
443,009
|
| Income taxes payable |
1,128,438
|
|
| Accounts payable and accrued expenses |
(661,115)
|
392,293
|
| Net cash provided by (used in) operating activities |
12,269,955
|
(1,335,528)
|
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(139,558)
|
(100,370)
|
| Proceeds from maturities of marketable investment securities |
2,032,802
|
|
| Investment in joint venture |
500,000
|
(150,000)
|
| Net cash provided by (used in) investing activities |
2,393,244
|
(250,370)
|
| Cash flows from financing activities |
|
|
| Proceeds from sale of common stock |
|
19,470,005
|
| Proceeds from exercise of options and warrants |
148,981
|
50,000
|
| Payment of offering costs |
|
(1,457,922)
|
| Net cash provided by financing activities |
148,981
|
18,062,083
|
| Net increase in cash and cash equivalents |
14,812,180
|
16,476,185
|
| Cash and cash equivalents at beginning of period |
42,976,713
|
893,138
|
| Cash and cash equivalents at end of period |
57,788,893
|
17,369,323
|
| Supplemental disclosure of cash flow information |
|
|
| Interest paid |
|
|
| Income taxes paid |
|
|