Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities:    
Net loss $ (20,157,000) $ (5,370,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of common shares issued for services and vested stock options and warrants 3,666,000 2,552,000
Amortization of debt discount 1,040,000 274,000
Change in fair value of derivative liability 1,945,000 (3,320,000)
Debt extinguishment (1,029,000)
Depreciation and amortization 813,000 719,000
Amortization of right-of-use assets 281,000 270,000
Allowance for inventory 28,000
Disposal of fixed assets (6,000)
Allowance for doubtful account 249,000 (111,000)
Effect of changes in assets and liabilities:    
Accounts receivable (253,000) 258,000
Prepaid expenses and other assets (356,000) (34,000)
Inventory 22,000 42,000
Deferred incentive compensation (521,000)
Accounts payable, accrued expenses, and accrued interest 740,000 307,000
Operating lease liability (325,000) (154,000)
Deferred revenue and customer deposits 271,000 (134,000)
Net cash used in operating activities (13,620,000) (4,673,000)
Investing Activities:    
Proceeds from the sale of fixed assets 11,000
Purchase of property and equipment (316,000)
Net cash provided (used) in investing activities 11,000 (316,000)
Financing Activities:    
Proceeds from sale of common stock 14,129,000 4,444,000
Proceeds from notes payable 1,368,000
Advances on future receipts 7,368,000 728,000
Proceeds from warrant exercise 1,103,000
Proceeds from option exercise 377,000
Payment of advances of future receipts (4,734,000) (1,006,000)
Deferred offering costs (150,000)
Net cash provided by financing activities 18,243,000 5,384,000
Net change in cash 4,634,000 395,000
Cash - beginning of period 1,815,000 983,000
Cash - end of period 6,449,000 1,378,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 34,000 72,000
Cash paid for income taxes 1,000  
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of common stock issued for subscription agreement 340,000
Fair value of derivative liability extinguished 2,300,000
Fair value of common shares issued to settle accrued expenses 281,000
Reclassification of Class B upon conversion to common stock 3,065,000
Fair value of common stock issued to settle notes payable – related party 200,000  
Fair value of common stock received in exchange for employee’s payroll taxes 130,000  
Fair value of common stock issued for future services 164,000  
Discount recognized from advances on future receipts 1,986,000
Fair value of derivative liability from issuance of warrants to Series A stockholders considered as a deemed dividend 3,951,000
Fair value of common stock issued to settle lawsuit $ 678,000