Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOWS (UNAUDITED)

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STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (5,458,855) $ (2,400,687)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,579,151 1,339,356
Depreciation and amortization 235,134 233,888
Deferred income taxes (1,308,069) (1,201,956)
Gain on disposal of fixed assets (736)
Changes in operating assets and liabilities:    
Increase in accounts receivable (454,452) (4,446)
Increase in inventory (665,176) (732,978)
Decrease in prepaid expenses and other assets 334,193 346,227
Increase in other Liabilities 150,501
Increase in accounts payable 1,162,329 380,733
Increase in accrued payroll and related taxes 535,438 103,196
Decrease in accrued expenses (735,508) (838,747)
NET CASH USED IN OPERATING ACTIVITIES (4,625,314) (2,776,150)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (1,915,289) (152,223)
Proceeds from disposal of property and equipment 9,065
Purchases of intangible assets (13,540) (23,978)
NET CASH USED IN INVESTING ACTIVITIES (1,928,829) (167,136)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on indebtedness (508,583)
Proceeds from issuance of equity 1,230,000
Common stock issuance as settlement for litigation 938,094
Payments on finance lease liability (6,611) (1,616)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (515,194) 2,166,478
NET DECREASE IN CASH AND CASH EQUIVALENTS (7,069,337) (776,808)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 25,334,889 27,315,286
CASH AND CASH EQUIVALENTS, END OF PERIOD 18,265,552 26,538,478
Cash paid during the periods for:    
Interest 6,204 47
Income Taxes 850
Schedule of Non-Cash Operating, Investing and Financing Activities:    
Issuance of common stock as compensation 258,005 153,446
Issuance of common stock as settlement for litigation $ 938,094