Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (3,715,873) $ (2,771,120)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 116,026 69,600
Share-based compensation 468,985 356,580
Amortization of debt issuance costs and original issue discounts 821,301 363,465
Amortization of lease right of use, net of accretion in lease liabilities 49,782 51,255
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (73,746) (137,931)
Inventory, net (313,476) (201,503)
Prepaid expenses and other current assets (180,712) (216,953)
Other assets 70,134 11,899
Accounts payable and accrued expenses 93,347 716,222
Accrued interest (959,661)  
Lease liabilities (48,280) (50,285)
Deferred revenue (366,341) 389,201
Net cash flows from operating activities (4,038,514) (1,419,570)
Cash flows from investing activities:    
Acquisition of licensing rights (441,341) (150,000)
Net cash flows from investing activities (441,341) (150,000)
Cash flows from financing activities:    
Proceeds from issuance of 2020 senior secured convertible notes, net of financing costs and discount 16,757,871  
Proceeds from issuance of Paycheck Protection Program loan 896,000  
Proceeds from private placement of common stock   7,522,010
Proceeds from stock option warrant exercises   383,075
Repayment of notes payable (2,837,656) (1,975,000)
Net cash flows from financing activities 14,816,215 5,930,085
Net change in cash and cash equivalents 10,336,360 4,360,515
Cash and cash equivalents, beginning of period 5,695,722 3,101,133
Cash and cash equivalents, end of period 16,032,082 7,461,648
Cash paid for:    
Interest 1,043,371 164,157
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 $ 47,686  
Aggregate net book value of reusable components transferred from loaned systems to inventory   163,321
Financing costs   $ 94,000