Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Cash Flows from Operating Activities |
|
|
| Net loss |
$ (28,385,044)
|
$ (7,204,540)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
280,955
|
200,885
|
| Accretion of interest expense |
|
234,044
|
| Interest expense related to issuances of warrants |
|
305,055
|
| Stock-based compensation |
666,504
|
383,966
|
| Inducement expense related to convertible notes |
15,102,206
|
|
| Warrant modification expense |
5,405,770
|
|
| Loss on sale of CTI |
|
456,169
|
| Amortization of debt discounts |
2,647,355
|
2,275,247
|
| Bad debt expense |
147,922
|
64,412
|
| Deferred rent |
19,780
|
2,625
|
| Expenses paid by Former Parent |
|
620,464
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(103,925)
|
(179,548)
|
| Inventory |
(33,355)
|
47,701
|
| Prepaid expenses and other current assets |
(31,652)
|
6,575
|
| Security deposits and other assets |
(5,930)
|
(12,131)
|
| Accounts payable and accrued expenses |
248,209
|
309,778
|
| Deferred revenue |
(508,178)
|
(475,802)
|
| Other current liabilities |
45,157
|
238,363
|
| Total Adjustments |
23,880,818
|
4,477,803
|
| Net Cash Used in Operating Activities |
(4,504,226)
|
(2,726,737)
|
| Cash Flows from Investing Activities |
|
|
| Purchases of property and equipment |
(1,161,625)
|
(252,645)
|
| Issuance of loans receivable |
(60,186)
|
(9,689)
|
| Cash paid in connection with the acquisition of Midtown |
(35,116)
|
|
| Cash paid in connection with the acquisition of Bronx |
(300,000)
|
|
| Collections from loans receivable |
35,708
|
67,446
|
| Collections from loans receivable - related party |
650
|
6,667
|
| Net Cash Used in Investing Activities |
(1,520,569)
|
(188,221)
|
| Cash Flows from Financing Activities |
|
|
| Proceeds from issuance of restricted stock |
|
180,000
|
| Proceeds from offering, net of underwriter's discount and offering costs |
|
85,576
|
| Repayments to Former Parent, net |
|
(132,459)
|
| Repayments of convertible note payable |
(50,000)
|
(50,000)
|
| Proceeds from other notes payable - related party |
91,000
|
|
| Proceeds from convertible notes payable |
6,373,000
|
2,051,000
|
| Proceeds from convertible notes payable - related parties |
100,000
|
650,000
|
| Repayments of convertible notes payable - related party |
(100,000)
|
|
| Repayments of other notes payable - related parties |
(335,000)
|
|
| Repayments of other notes payables |
(233,193)
|
(50,000)
|
| Proceeds from other notes payable |
300,000
|
460,000
|
| Net Cash Provided by Financing Activities |
6,145,807
|
3,194,117
|
| Net Increase in Cash |
121,012
|
279,159
|
| Cash - Beginning of Period |
357,842
|
78,683
|
| Cash - End of Period |
478,854
|
357,842
|
| Supplemental Disclosures of Cash Flow Information: |
|
|
| Cash paid for interest |
1,093,261
|
40,605
|
| Supplemental disclosures of non-cash investing and financing activities |
|
|
| Beneficial conversion feature |
548,020
|
3,434,506
|
| Warrants issued in connection with convertible debt |
548,354
|
399,554
|
| Conversion of convertible notes payable to Former Parent into common stock |
|
392,542
|
| Conversion of notes payable into common stock |
|
1,850,340
|
| Other note payable exchanged for convertible note |
|
635,294
|
| Warrants issued and recorded as debt discount in connection with notes payable |
|
343,818
|
| Convertible Note issued to Former Parent in exchange for payable to Former Parent |
|
475,000
|
| Common stock issued in exchange for interest earned on convertible notes payable |
111,666
|
|
| Issuance of restricted stock |
1
|
|
| Common stock issued in exchange for interest earned on other notes payable |
479,323
|
|
| Conversion of convertible notes payable into common stock |
$ 9,488,000
|
|