v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,239,685) $ (6,577,587)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on loan forgiveness (10,000) (367,039)
Non-cash lease expense 26,559 15,576
Common stock and warrants issued for interest and extension fees 1,173,458 2,622,078
Depreciation and amortization 35,096 27,190
Accretion of interest and amortization of debt discount 817,877 2,165,780
Loss on extinguishment of accrued liabilities and debt 589,570
Stock-based compensation expense 64,483 61,237
(Gain) loss on investment in equity securities (19,138) 107,903
Common stock and warrants issued for services 117,461 238,512
Changes in operating assets and liabilities:    
Accounts receivable (137,100) (373,268)
Inventories (212,985) 33,402
Prepaid expenses and other assets 237,681 43,291
Accounts payable 137,304 (60,613)
Accrued employee compensation 52,532 42,702
Operating lease liability (26,559) (15,576)
Deferred revenue and other accrued expenses 637,164 799,397
Net cash used in operating activities (756,282) (1,237,015)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property plant and equipment (1,135) (3,962)
Net cash used in investing activities (1,135) (3,962)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from Series AA Convertible Preferred Stock 100,000
Proceeds from stock option exercises 14,773
Net proceeds from convertible debt 806,000 730,000
Net proceeds from non-convertible debt – third party 351,150 854,538
Net proceeds from non-convertible debt – related party 195,250 85,000
Payments on convertible debt (324,350) (191,250)
Payments on non-convertible debt – related party (70,000)
Payments on non-convertible debt (284,141) (250,094)
Net cash provided by financing activities 743,909 1,272,967
NET INCREASE IN CASH AND CASH EQUIVALENTS (13,508) 31,990
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 132,311 18,540
CASH AND CASH EQUIVALENTS AT END OF PERIOD 118,803 50,530
SUPPLEMENTAL INFORMATION    
Interest paid in cash 120,436 37,375
NON CASH TRANSACTIONS:    
Common stock issued with debt 142,480
Discount from warrants issued with debt 87,436 162,654
Common stock issued in lieu of cash for dividend 64,256
Early adoption of ASU 2020-06 473,027
Preferred stock dividends 432,149 403,215
Conversion of debt and interest into common stock 350,500 118,000
Discount due to beneficial conversion feature 53,777
Deemed dividend - beneficial conversion feature $ 57,884

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