Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities:    
Net loss $ (8,345,000) $ (5,897,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of common shares issued for services and vested stock options 2,402,000 943,000
Gain on extinguishment of PPP note payable (1,226,000)
Debt extinguishment from modification of related party note payable 287,000
Deemed dividend to Series A preferred stockholders 3,951,000
Amortization of debt discount 475,000 137,000
Change in fair value of derivative liability (500,000) (2,092,000)
Depreciation and amortization 414,000 363,000
Amortization of right-of-use assets 140,000 135,000
Inventory reserve (2,000)
Allowance for doubtful account 124,000 50,000
Effect of changes in assets and liabilities:    
Accounts receivable (259,000) 9,000
Inventory (4,000) 30,000
Prepaid expenses (281,000) (12,000)
Other assets (45,000)
Accounts payable, accrued expenses, and accrued interest 362,000 255,000
Deferred revenue and customer deposits 26,000 (44,000)
Deferred incentive compensation (377,000)
Operating lease liability (161,000) (47,000)
Net cash provided (used) in operating activities (6,923,000) (2,266,000)
Investing Activities:    
Gain on disposal of fixed assets 5,000
Purchases of property and equipment (121,000)
Net cash provided by (used in) investing activities 5,000 (121,000)
Financing Activities:    
Proceeds from sale of common stock 13,985,000 3,430,000
Advances on future receipts 4,290,000
Proceeds from warrant exercise 1,103,000
Proceeds from option exercise 377,000
Payment of advances of future receipts (1,706,000) (411,000)
Net cash provided by financing activities 18,049,000 3,019,000
Net change in cash 11,131,000 632,000
Cash - beginning of period 1,815,000 983,000
Cash - end of period 12,946,000 1,615,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 34,000 10,000
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of derivative liability extinguished 2,286,000
Fair value of common share issued to settle accrued expenses 207,000
Reclassification of Class B upon conversion to common stock 3,065,000
Discount recognized from advances on future receipts 1,133,000
Fair value of derivative liability from issuance of warrants to Series A stockholders considered as a deemed dividend $ 3,951,000