v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,156,023) $ (11,322,758)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on loan forgiveness (10,000) (367,039)
Non-cash lease expense 53,884 31,624
Common stock and warrants issued for interest and extension fees 1,561,973 4,054,749
Depreciation and amortization 62,207 56,291
Accretion of interest and amortization of debt discount 1,457,204 3,909,024
Loss on extinguishment of accrued liabilities and debt 755,127
Stock-based compensation expense 96,557 124,695
(Gain) loss on investment in equity securities (628) 242,380
Common stock and warrants issued for services 185,261 238,512
Changes in operating assets and liabilities:    
Accounts receivable (162,050) (498,538)
Inventories (208,122) 100,672
Prepaid expenses and other assets 194,363 95,775
Accounts payable 24,767 (143,110)
Accrued employee compensation 119,422 2,932
Operating lease liability (53,884) (31,624)
Deferred revenue and other accrued expenses 1,081,750 1,415,688
Net cash used in operating activities (1,998,192) (2,090,727)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property plant and equipment (4,890) (3,962)
Net cash used in investing activities (4,890) (3,962)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from Series AA Convertible Preferred Stock 100,000
Proceeds from stock option exercises 17,443 14,773
Net proceeds from convertible debt 2,209,750 2,598,250
Net proceeds from non-convertible debt – third party 1,288,100 1,183,188
Net proceeds from non-convertible debt – related party 464,500 171,600
Payments on convertible debt (865,367) (1,200,996)
Payments on non-convertible debt – related party (209,000) (153,000)
Payments on non-convertible debt – third party (913,086) (591,041)
Net cash provided by financing activities 1,992,340 2,122,774
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (10,742) 28,085
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 132,311 18,540
CASH AND CASH EQUIVALENTS AT END OF PERIOD 121,569 46,625
SUPPLEMENTAL INFORMATION    
Interest paid in cash 515,210 383,403
NON CASH TRANSACTIONS:    
Common stock issued with debt 178,328 112,877
Discount from warrants issued with debt 87,436 1,068,842
Common stock issued in lieu of cash for dividend 215,277 114,298
Early adoption of ASU 2020-06 473,027
Preferred stock dividends 863,857 807,386
Conversion of debt and interest into common stock 350,500 349,350
Discount due to beneficial conversion feature 566,847
Deemed dividend - beneficial conversion feature 57,884
Conversion of preferred stock for common stock $ 44

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