Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (5,539,790) $ (6,163,469)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 143,604 109,439
Share-based compensation 799,111 1,231,379
Expenses paid through the issuance of common stock 77,500
Gain on change in fair value of derivative liabilities (64,318)
Amortization of debt issuance costs and original issue discounts 729,287 562,529
Amortization of lease right of use, net of accretion in lease liabilities 106,956
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 143,979 (284,481)
Inventory (1,024,612) 122,220
Prepaid expenses and other current assets (143,543) (20,957)
Other assets 14,965 (10,897)
Accounts payable and accrued expenses 1,165,722 (284,322)
Lease liability (108,985)
Deferred revenue 863,791 94,785
Net cash flows from operating activities (2,849,515) (4,630,592)
Cash flows from investing activities:    
Purchases of property and equipment (10,190) (63,490)
Acquisition of licensing rights (150,000)
Net cash flows from investing activities (160,190) (63,490)
Cash flows from financing activities:    
Proceeds from private offering, net of offering costs 7,427,847
Prepayment of offering costs in connection with January 2020 private placement (75,000)
Proceeds from exercise of warrants 388,791 505,384
Principal repayment of 2014 and 2010 notes (2,137,344) (2,000,000)
Net cash flows from financing activities 5,604,294 (1,494,616)
Net change in cash and cash equivalents 2,594,589 (6,188,698)
Cash and cash equivalents, beginning of year 3,101,133 9,289,831
Cash and cash equivalents, end of year 5,695,722 3,101,133
Cash paid for:    
Interest $ 316,558 $ 210,722