Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash from operating activities:    
Net Loss $ (6,747,435) $ (2,470,882)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense (recovery) (3,217) 220,405
Depreciation and amortization 222,514 184,620
Stock based compensation 351,970 44,874
Modification of employee stock options 102,800
Interest expense related to debt discounts 94,627 64,652
Amortization of operating lease right of use asset 234,001 214,100
Changes in assets and liabilities:    
Accounts receivable 1,369,949 (1,293,219)
Contract assets 1,273,462 (167,316)
Prepaid expenses and other current assets 491,598 (174,202)
Accounts payable (2,042,118) 1,224,720
Related payable-related party (5,091) (682)
Payroll taxes payable (111,965) (202,462)
Accrued expenses 697,320 203,861
Operating lease obligation (239,688) (201,761)
Contract liabilities 700,892 (2,240,168)
Deferred revenue (621,058) 573,900
Net cash used in operating activities (4,231,439) (4,019,560)
Cash flows from investing activities:    
Purchase of patents/trademarks (8,185) (13,095)
Purchase of fixed assets (279,146) (206,480)
Net cash used in investing activities (287,331) (219,575)
Cash flows from financing activities:    
Repurchase of common stock (7,993)
Repayments of line of credit (27,615) (3,586)
Repayments of related party notes (80,000)
Stock issuance costs (1,001,885) (20,000)
Repayments of notes payable (1,000,000) (262,500)
Repayments of insurance and equipment financing (260,983) (266,134)
Repayment of finance lease (62,931) (24,652)
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 121,637 102,928
Proceeds from common stock issued 9,253,128
Proceeds from warrants exercised 2,318,020
Net cash provided by financing activities 8,431,621 3,086,083
Net increase (decrease) in cash 3,912,851 (1,153,052)
Cash, beginning of period 56,249 1,209,301
Cash, end of period 3,969,100 56,249
Supplemental Disclosure of Cash Flow Information:    
Interest paid 33,698 6,320
Supplemental Non-Cash Investing and Financing Activities:    
Common stock issued for accrued BOD fees 52,500 32,917
Lease right of use asset and liability 644,245
Note issued for financing of insurance premiums 261,626 260,103
Debt discount on Notes issued 12,500
Note issued for equipment financing lease 55,822
Relative fair value of warrant recorded as debt discount $ 146,779