Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (16,076,678) $ (20,153,486)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on loan forgiveness (10,000) (734,077)
Non-cash lease expense 113,470 65,194
Common stock and warrants issued for interest 2,943,139 7,265,954
Depreciation and amortization 119,788 110,128
Accretion of interest and amortization of debt discount 1,777,863 6,738,802
Common stock and warrants issued for debt extension 2,331,398 130,279
Allowance for inventory reserve 641,815
Stock-based compensation expense 215,098 254,615
(Gain) loss on investment in equity securities (3,662) 457,025
Common stock and warrants issued for services 446,670 794,562
Changes in operating assets and liabilities:    
Accounts receivable (140,628) (23,518)
Inventories (180,644) (554,787)
Prepaid expenses and other assets 165,090 (107,681)
Accounts payable 109,314 (226,771)
Accrued employee compensation 49,567 15,106
Operating lease liability (113,470) (65,194)
Deferred revenue and other accrued expenses 3,133,829 1,165,276
Net cash used in operating activities (4,478,041) (4,868,573)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property plant and equipment (20,755) (122,945)
Net cash used in investing activities (20,755) (122,945)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from the issuance of Series AA Convertible Preferred Stock 1,015,000
Sale of common stock 25,000
Proceeds from stock option exercises 17,443 14,773
Net proceeds from convertible debt 4,907,222 5,514,250
Net proceeds from non-convertible debt - third party 2,710,000 2,010,688
Net proceeds from non-convertible debt - related party 866,350 254,600
Payments on convertible debt (1,522,494) (1,833,295)
Payments on non-convertible debt - related party (315,300) (354,600)
Payments on non-convertible debt (2,317,871) (1,516,127)
Net cash provided by financing activities 4,370,350 5,105,289
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (128,446) 113,771
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 132,311 18,540
CASH AND CASH EQUIVALENTS AT END OF YEAR 3,865 132,311
SUPPLEMENTAL INFORMATION    
Interest paid in cash 1,378,647 921,569
NON CASH TRANSACTIONS:    
Common stock issued for non-cash warrant exercise 363
Early ASU 2020-06 adoption 473,027
Common stock issued with debt 873,854 646,718
Discount from warrants issued with debt 93,576 1,403,546
Common stock issued in lieu of cash for dividend 386,300 184,274
Preferred stock dividends 1,727,275 1,658,175
Conversion of preferred stock for common stock 44
Conversion of debt and interest into common stock 467,092 2,989,990
Discount due to beneficial conversion feature 1,320,331
Deemed dividend - beneficial conversion feature 873,798
Conversion of debt for Series AA preferred stock 500,250
Recognition of right of use asset and liability $ 239,327