v3.21.2
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (2,400,687) $ (626,610)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:    
Stock-based compensation expense 1,339,356 784,821
Stock-based litigation settlement expense 1,285,102
Depreciation and amortization 233,888 182,164
Deferred income taxes (1,201,956) (145,770)
(Gain)/Loss on disposal of fixed assets (736) 5,522
Changes in operating assets and liabilities:    
(Increase)/Decrease in accounts receivable (4,446) 268,619
Increase in inventory (732,978) (1,278,811)
Decrease/(Increase) in prepaid expenses and other assets 346,227 (156,316)
Increase in accounts payable 380,733 347,350
Increase in accrued payroll and related taxes 103,196 333,272
(Decrease)/Increase in accrued expenses (838,747) 1,389,588
Increase in accrued tax liability 318,618
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (2,776,150) 2,707,549
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (152,223) (363,750)
Proceeds from disposal of property and equipment 9,065
Purchases of intangible assets (23,978) (149,523)
NET CASH USED IN INVESTING ACTIVITIES (167,136) (513,273)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from indebtedness 3,500,000
Proceeds from issuance of equity 1,230,000 26,567,861
Common stock issuance as settlement for litigation 938,094
Payments on finance lease liability (1,616) (3,717)
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,166,478 30,064,144
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (776,808) 32,258,420
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 27,315,286 5,870,929
CASH AND CASH EQUIVALENTS, END OF PERIOD 26,538,478 38,129,349
Cash paid during the periods for:    
Interest 47 13,554
Income Taxes 850
Schedule of Non-Cash Operating, Investing and Financing Activities:    
Issuance of common stock as compensation 153,446 120,004
Issuance of common stock as settlement for litigation $ 938,094 $ 938,094

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