Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Net loss $ (12,690,000) $ (8,466,000)
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 4,796,000 2,880,000
Financing costs 248,000 1,625,000
Amortization of debt discount 384,000 1,647,000
Change in fair value of derivative liability (4,295,000) (3,320,000)
Debt extinguishment, net (1,536,000)
Depreciation and amortization 1,108,000 1,025,000
Amortization of right-of-use assets 407,000 150,000
Allowance for inventory 28,000 5,000
Allowance for doubtful accounts (14,000) 31,000
Effect of changes in assets and liabilities:    
Accounts receivable 152,000 (278,000)
Prepaid expenses (175,000) 37,000
Inventory 63,000 90,000
Other assets (41,000)
Accounts payable, accrued expenses, and accrued interest 646,000 280,000
Operating lease liability (286,000) (109,000)
Deferred revenue and customer deposits (162,000) (526,000)
Net cash used in operating activities (9,790,000) (6,506,000)
Investing Activities:    
Cash paid upon acquisition of subsidiary (15,000,000)
Cash acquired upon acquisition of subsidiary 229,000 557,000
Purchase of property and equipment (317,000) (134,000)
Net cash used by investing activities (88,000) (14,577,000)
Financing Activities:    
Proceeds from sale of common stock 16,781,000 18,524,000
Proceeds from sale of preferred stock 4,688,000
Proceeds from issuance of notes payable 1,367,000 1,300,000
Advances on future receipts 728,000
Proceeds from convertible note payable 432,000
Proceeds from related party notes payable 58,000
Proceeds from warrant exercise 2,165,000 45,000
Payment of convertible notes payable (2,025,000)
Payment of notes payable (630,000)
Payment of related party notes payable (58,000)
Payment of advances of future receipts (1,424,000)
Net cash provided by financing activities 19,617,000 22,334,000
Net change in cash 9,739,000 1,251,000
Cash - beginning of period 983,000 634,000
Cash - end of period 10,722,000 1,885,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 100,000 146,000
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 class B units issued upon acquisition of subsidiary 3,065,000
Fair value of common stock issued upon acquisition of subsidiary 7,820,000
Conversion of note payable and accrued interest to common stock 1,184,000
Fair value of derivative liability from issuance of convertible debt, inducement shares and warrant features 3,951,000 6,561,000
Fair value of warrants issued and beneficial conversion feature to extinguish debt 719,000
Fair value of common shares, warrants and beneficial conversion feature of issued convertible note 592,000
Offset of deferred offering costs to proceeds received 162,000
Common stock issued to settle accounts payable 10,000
Lease assets and liabilities recorded upon adoption of ASC 842 1,856,000
Assets acquired from the acquisition of subsidiary 449,000 3,364,000
Liabilities assumed from the acquisition of subsidiary $ 743,000 $ 3,221,000