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 ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities:    
Net loss $ (28,962,000) $ (12,690,000)
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 4,652,000 4,796,000
Financing cost 248,000
Amortization of debt discount 1,537,000 384,000
Change in fair value of derivative liability 2,086,000 (4,295,000)
Debt extinguishment costs, net (1,112,000)
Depreciation and amortization 1,214,000 1,108,000
Amortization of right-of-use assets 424,000 407,000
Allowance for inventory 28,000
Disposal of property and equipment (6,000)
Allowance for doubtful accounts 151,000 (14,000)
Effect of changes in assets and liabilities:    
Accounts receivable (721,000) 152,000
Prepaid expenses and other assets (330,000) (175,000)
Inventory 29,000 63,000
Deferred incentive compensation (521,000)
Accounts payable, accrued expenses, and accrued interest 3,198,000 646,000
Operating lease liability (493,000) (286,000)
Deferred revenue and customer deposits 631,000 (162,000)
Net cash used in operating activities (18,223,000) (9,790,000)
Investing Activities:    
Proceeds from the sale of property and equipment 11,000
Cash acquired upon acquisition of subsidiary 229,000
Capitalized software development costs (2,329,000)
Purchase of property and equipment (26,000) (317,000)
Net cash used in investing activities (2,344,000) (88,000)
Financing Activities:    
Proceeds from sale of common stock 18,851,000 16,781,000
Proceeds from notes payable 1,367,000
Advances on future receipts 7,368,000 728,000
Proceeds from warrant exercise 2,784,000 2,165,000
Proceeds from option exercise 569,000
Payment of advances of future receipts (7,162,000) (1,424,000)
Net cash provided by financing activities 22,410,000 19,617,000
Net change in cash 1,843,000 9,739,000
Cash - beginning of period 1,815,000 983,000
Cash - end of period 3,658,000 10,722,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 112,000 100,000
Cash paid for income taxes 1,000
Supplemental disclosure of non-cash investing and financing activities:    
Issuance of note payable upon acquisition of subsidiary 1,885,000
Fair value of common stock issued for subscription agreement 340,000
Fair value of restricted awards returned 485,000
Fair value of derivative liability extinguished 4,513,000
Fair value of class B units issued upon acquisition of subsidiary 3,065,000
Fair value of common shares issued to settle accounts payable 19,000
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 2,484,000
Fair value of derivative liability from issuance of warrants to Series A stockholders considered as a deemed dividend 3,951,000
Fair value of debt forgiveness 1,400,000
Assets acquired from the acquisition of subsidiary 449,000
Liabilities assumed from the acquisition of subsidiary 743,000
Fair value of warrants issued to Series A preferred stockholders - deemed dividend 348,000
Fair value of common stock issued to settle lawsuit $ 678,000