Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (2,054,825) $ (1,220,725)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 57,972 34,640
Share-based compensation 227,968 152,586
Amortization of debt issuance costs and original issue discounts 787,403 169,179
Amortization of lease right of use, net of accretion in lease liabilities 25,077 25,630
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 105,051 (32,901)
Inventory, net (365,430) 47,824
Prepaid expenses and other current assets 168,798 14,108
Other assets 70,135 11,899
Accounts payable and accrued expenses (161,074) (148,562)
Accrued interest (959,661) 34,625
Lease liabilities (23,019) (26,289)
Deferred revenue (208,791) 328,523
Net cash flows from operating activities (2,330,396) (609,463)
Cash flows from investing activities:    
Acquisition of licensing rights 441,341  
Net cash flows from investing activities (441,341)  
Cash flows from financing activities:    
Proceeds from issuance of 2020 senior secured convertible notes, net of financing costs and discount 16,890,000  
Repayment of 2010 junior secured notes payable (2,837,656)  
Net cash flows from financing activities 14,052,344  
Net change in cash and cash equivalents 11,280,607 (609,463)
Cash and cash equivalents, beginning of year 5,695,722 3,101,133
Cash and cash equivalents, end of year 16,976,329 2,491,670
Cash paid for:    
Interest 1,043,371 291,032
Non-Cash Transactions    
Operating lease right-of-use assets   480,395
Operating lease liabilities   480,395
Aggregate net book value of reusable components transferred from inventory to loaned systems 29,564  
Aggregate net book value of reusable components transferred from loaned systems to inventory   $ 155,717
Financing costs $ 132,129