Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (5,200,105) $ (3,894,088)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 170,057 105,310
Share-based compensation 762,488 576,012
Amortization of debt issuance costs and original issue discounts 855,598 523,969
Amortization of lease right of use, net of accretion in lease liabilities 74,734 76,871
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (359,416) (895,189)
Inventory, net (323,075) (908,413)
Prepaid expenses and other current assets (135,658) (150,589)
Other assets 59,193 11,899
Accounts payable and accrued expenses 59,711 1,506,279
Accrued interest (959,661)
Lease liabilities (70,896) (82,448)
Deferred revenue (337,969) 746,682
Net cash flows from operating activities (5,404,999) (2,383,705)
Cash flows from investing activities:    
Purchases of property and equipment   (10,190)
Acquisition of licensing rights (441,341) (150,000)
Net cash flows from investing activities (441,341) (160,190)
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, net of offering costs 7,427,848
Proceeds from stock option warrant exercises 387,426
Repayment of notes payable (2,837,656) (2,137,344)
Net cash flows from financing activities 14,816,215 5,677,930
Net change in cash and cash equivalents 8,969,875 3,134,035
Cash and cash equivalents, beginning of period 5,695,722 3,101,133
Cash and cash equivalents, end of period 14,665,597 6,235,168
Cash paid for:    
Interest 1,399,182 82,621
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 $ 38,751 $ 191,647