Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (3,894,088) $ (4,945,529)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation 105,310 81,206
Share-based compensation 576,012 968,488
Expenses paid through the issuance of common stock 77,500
Gain from change in fair value of derivative liabilities (64,318)
Amortization of debt issuance costs and original issue discounts 523,969 409,287
Amortization of lease rights of use, net of accretion in lease liabilities 76,871
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (895,189) (105,911)
Inventory, net (908,413) (204,171)
Prepaid expenses and other current assets (150,589) (69,130)
Other assets 11,899 1,000
Accounts payable and accrued expenses 1,506,279 (361,886)
Lease liabilities (82,448)
Deferred revenue 746,682 165,254
Net cash flows from operating activities (2,383,705) (4,048,210)
Cash flows from investing activities:    
Purchases of property and equipment (10,190) (62,651)
Acquisition of licensing rights (150,000)
Net cash flows from investing activities (160,190) (62,651)
Cash flows from financing activities:    
Proceeds from private offering, net of offering costs 7,427,848
Proceeds from warrant and option exercises 387,426 531,977
Repayment of senior secured note payable (2,000,000)
Repayment of 2014 junior secured notes payable (1,975,000)
Repayment of 2010 junior secured notes payable (162,344)
Net cash flows from financing activities 5,677,930 (1,468,023)
Net change in cash and cash equivalents 3,134,035 (5,578,884)
Cash and cash equivalents, beginning of period 3,101,133 9,289,831
Cash and cash equivalents, end of period 6,235,168 3,710,947
Cash paid for:    
Income taxes
Interest 82,621 92,222
NON-CASH TRANSACTIONS:    
Operating lease right-of-use assets 480,395  
Operating lease liabilities 480,395  
Net book value from loan system $ 191,647 $ 72,746