v3.20.2
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (Loss)/Income $ (377,435) $ 644,606
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:    
Stock-based compensation expense 1,191,146 897,300
Stock-based litigation settlement expense 1,285,102
Depreciation and amortization 297,801 252,594
Deferred capital gain - building lease (3,763)
Deferred taxes (161,368) 134,563
Gain on disposal of fixed assets (16,591) (49,740)
Changes in operating assets and liabilities:    
Increase in accounts receivable (502,075) (2,120,780)
Increase in inventory (3,244,662) (634,803)
Increase in prepaid expenses and other assets (457,330) (206,560)
Increase in accounts payable 790,414 421,479
Increase/(Decrease) in accrued payroll and related taxes 249,879 (310,355)
Increase in accrued expenses 1,754,970 490,053
Increase/(Decrease) in accrued tax liability 158,586 (16,608)
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES 968,437 (502,014)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (908,323) (158,193)
Purchases of patents (124,216) (188,274)
Proceeds from disposal of property and equipment 25,000 217,821
Proceeds from certificate of deposit 1,517,927
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES (1,007,539) 1,389,281
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of equity 26,606,486 508,900
Payments for cancelled shares (2,820)
Borrowings from indebtedness 4,976,508
Payments on indebtedness (4,976,508)
Payments on finance lease liability (4,502) (3,122)
NET CASH PROVIDED BY FINANCING ACTIVITIES 26,601,984 502,958
NET INCREASE IN CASH AND CASH EQUIVALENTS 26,562,882 1,390,225
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 5,870,929 3,738,803
CASH AND CASH EQUIVALENTS, END OF PERIOD 32,433,811 5,129,028
Cash paid during the periods for:    
Interest 27,698 280
Income taxes $ 318,983 $ 103,465

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