v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash from operating activities:    
Net loss $ (6,321,517) $ (3,049,691)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 159,121 136,108
Stock based compensation 261,761 35,017
Modification of employee stock options 102,800
Interest expense related to debt discounts 94,627 9,401
Changes in assets and liabilities:    
Accounts receivable 1,271,822 124,810
Contract assets 1,191,685 379,136
Prepaid expenses and other current assets 331,456 (562,263)
Operating lease right of use asset 172,778 (509,958)
Accounts payable (1,938,824) 461,701
Related payable-related party (4,841) (682)
Payroll taxes payable (111,965) (195,120)
Accrued expenses 648,625 27,804
Operating lease obligation (176,345) 534,415
Contract liabilities 324,090 (1,141,088)
Deferred revenue (229,184) 126,534
Net cash used in operating activities (4,223,911) (3,623,876)
Cash flows from investing activities:    
Purchase of patents/trademarks (8,185) (11,595)
Purchase of fixed assets (216,401) (133,039)
Net cash used in investing activities (224,586) (144,634)
Cash flows from financing activities:    
Repurchase of common stock (7,993)
Repayments of line of credit (27,615) (2,689)
Repayments of related party notes (80,000)
Issuance cost (1,001,885) (10,000)
Repayments of notes payable (1,000,000)
Repayments of insurance and equipment financing (204,659) (207,187)
Repayment of finance lease (42,046) (10,851)
Proceeds from SBA loan 1,410,270
Proceeds from notes payable-related parties 1,080,000
Proceeds from notes payable 250,000
Proceeds from equipment leasing 121,637
Proceeds from common stock issued 9,253,128
Proceeds from warrants exercised 2,315,268
Net cash provided by financing activities 8,508,830 3,326,548
Net increase (decrease) in cash 4,060,333 (441,962)
Cash, beginning of period 56,249 1,209,301
Cash, end of period 4,116,582 767,339
Supplemental Disclosure of Cash Flow Information:    
Interest paid 32,768 5,728
Supplemental Non-Cash Investing and Financing Activities:    
Common stock issued for accrued BOD fees 52,500 19,166
Lease right of use asset and liability 644,245
Note issued for financing of insurance premiums 233,350 217,804
Debt discount on Notes issued 12,500
Note issued for equipment financing lease $ 102,928

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