Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (17,218,070)
|
$ (23,511,050)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock based compensation |
3,302,083
|
3,266,311
|
| Depreciation and amortization |
381,509
|
399,242
|
| Amortization of marketable securities premium |
142,244
|
31,096
|
| Gain on extinguishment debt |
(1,422,214)
|
|
| Gain on termination of joint venture |
(549,254)
|
|
| Gain on lease settlement |
(57,371)
|
|
| Increase in allowance for doubtful accounts |
49,489
|
|
| (Gain) loss on legal fee obligation settled with stock |
(9,525)
|
156,434
|
| Noncash lease expense |
55,114
|
372,304
|
| Inventory reserve charge |
69,972
|
433,918
|
| Write-off of right of use operating lease asset |
|
557,543
|
| Other |
|
676
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(217,186)
|
225,594
|
| Inventories |
370,996
|
735,637
|
| Prepaid expenses and other assets |
716,044
|
982,129
|
| Accounts payable |
464,333
|
(1,581,579)
|
| Accrued expense and other current liabilities |
425,219
|
(1,632,617)
|
| Right of use operating leases |
(151,137)
|
|
| Operating lease liabilities |
20,131
|
(486,445)
|
| Net cash used in operating activities |
(13,627,623)
|
(20,050,807)
|
| Cash flows from investing activities: |
|
|
| Purchase of marketable securities |
(5,082,730)
|
(24,463,158)
|
| Proceeds from maturities of marketable securities |
23,300,000
|
16,500,000
|
| Net cash (used in) provided by investing activities |
18,217,270
|
(7,963,158)
|
| Cash flows from financing activities: |
|
|
| Proceeds from shares issued, net of related expenses |
25,682,162
|
17,489,563
|
| Proceeds from note issued |
|
1,410,524
|
| Net cash provided by (used in) financing activities |
25,682,162
|
18,900,087
|
| Effect of changes in exchange rates on cash and cash equivalents |
175,134
|
(207,976)
|
| Net increase (decrease) in cash and cash equivalents |
30,446,943
|
(9,321,854)
|
| Cash and cash equivalents – beginning of year |
4,241,937
|
13,563,791
|
| Cash and cash equivalents – end of year |
34,688,880
|
4,241,937
|
| Supplemental cash flows disclosures: |
|
|
| Proceeds from sale of state net operating losses |
876,690
|
1,170,890
|
| Income taxes paid |
38,622
|
3,769
|
| Interest paid |
9,941
|
12,895
|
| Supplemental schedule of noncash activity: |
|
|
| Settlement of certain obligations through issuance of common stock |
1,275,370
|
1,548,702
|
| 2020 bonus paid in stock |
$ 399,997
|
|