v3.22.1
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (2,537,514) $ (1,276,138)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 837,556 734,184
Depreciation and amortization 109,252 115,473
Deferred income taxes (597,599) (943,211)
Gain on disposal of fixed assets (736)
Changes in operating assets and liabilities:    
Decrease/(Increase) in accounts receivable 447,489 (988,387)
Decrease in other receivables 38,145
Decrease/(Increase) in inventory 88,601 (1,229,052)
(Increase)/Decrease in prepaid expenses and other assets (11,805) 117,455
Increase in accounts payable 40,447 1,290,603
Increase in accrued payroll and related taxes 345,712 428,769
Decrease in accrued expenses (537,981) (854,613)
Increase in other liabilities 25,625
NET CASH USED IN OPERATING ACTIVITIES (1,752,072) (2,605,653)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (750,908) (95,477)
Proceeds from disposal of property and equipment 9,065
Purchases of intangible assets (1,694) (15,792)
NET CASH USED IN INVESTING ACTIVITIES (752,602) (102,204)
CASH FLOWS FROM FINANCING ACTIVITIES    
      Payments on indebtedness (252,968)
Proceeds from issuance of equity 1,230,000
Common stock issuance as settlement for litigation 938,094
Payments on finance lease liability (803)
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES (252,968) 2,167,291
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,757,642) (540,566)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 25,334,889 27,315,286
CASH AND CASH EQUIVALENTS, END OF PERIOD 22,577,247 26,774,720
Supplemental Information    
Interest 4,425 28
Income Taxes 850
Schedule of Non-Cash Operating, Investing and Financing Activities:    
Issuance of common stock as compensation 142,500 56,250
Issuance of common stock as settlement for litigation $ 938,094

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