Cash Flow

v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash from operating activities:    
Net loss $ (3,612,938) $ (1,905,622)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 97,353 87,325
Stock based compensation 96,270 28,133
Modification of employee stock options 102,800
Interest expense related to debt discounts 94,627
Changes in assets and liabilities:    
Accounts receivable 2,114,802 (302,986)
Contract assets 530,110 904,543
Prepaid expenses and other current assets 235,194 86,411
Operating lease right of use asset 113,419 (565,925)
Accounts payable (2,009,394) (519,468)
Related payable-related party (300)
Payroll taxes payable (104,381) (196,609)
Accrued expenses (247,474) 15,671
Operating lease obligation (114,865) 592,402
Contract liabilities (5,378) (1,170,197)
Deferred revenue (442,598) 234,988
Net cash used in operating activities (3,152,753) (2,711,334)
Cash flows from investing activities:    
Purchase of patents/trademarks (7,735) (3,000)
Purchase of fixed assets (171,467) (223,549)
Net cash used in investing activities (179,202) (226,549)
Cash flows from financing activities:    
Repurchase of common stock (1,151)
Repayments of line of credit (27,615) (2,497)
Issuance cost (1,001,885) (10,000)
Repayments of notes payable (1,000,000)
Repayments of insurance and equipment financing (83,257) (141,105)
Repayment of finance lease (21,786)
Proceeds from SBA loan 1,410,270
Proceeds from equipment leasing 121,637
Proceeds from common stock issued 9,253,128
Proceeds from warrants exercised 2,164,019
Net cash provided by financing activities 8,650,492 2,009,266
Net increase (decrease) in cash 5,318,537 (928,617)
Cash, beginning of period 56,249 1,209,301
Cash, end of period 5,374,786 280,684
Supplemental Disclosure of Cash Flow Information:    
Interest paid 29,830 4,109
Supplemental Non-Cash Investing and Financing Activities:    
Common stock issued for accrued BOD fees 15,000
Lease right of use asset and liability 644,245
Note issued for financing of insurance premiums $ 216,754 $ 217,804

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