Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating Activities:    
Net loss $ (24,956,000) $ (15,918,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of common shares issued for services and vested stock options 6,119,000 4,178,000
Financing costs 248,000 1,625,000
Amortization of debt discount 493,000 1,658,000
Change in fair value of derivative liability (574,000) (1,862,000)
Debt extinguishment costs, net (1,536,000)
Depreciation and amortization 1,510,000 1,042,000
Amortization of right-of-use assets 545,000 349,000
Inventory reserve 49,000 (14,000)
Allowance for doubtful account 130,000 199,000
Effect of changes in assets and liabilities:    
Accounts receivable 440,000 (380,000)
Inventory 20,000 127,000
Prepaid expenses (485,000) (11,000)
Other assets (41,000)
Accounts payable, accrued expenses, and accrued interest 788,000 2,123,000
Deferred revenue and customer deposits (177,000) (479,000)
Deferred incentive compensation 1,042,000
Operating lease liability (444,000) (220,000)
Net cash used in operating activities (16,294,000) (8,118,000)
Investing Activities:    
Acquisition of subsidiary (15,000,000)
Cash acquired from acquisition of subsidiary 229,000 557,000
Purchases of property and equipment (317,000) (146,000)
Net cash used by investing activities (88,000) (14,589,000)
Financing Activities:    
Proceeds from sale of common stock 16,781,000 18,525,000
Proceeds from sale of preferred stock 4,688,000
Proceeds from notes payable 1,367,000 1,300,000
Advances on future receipts 728,000 728,000
Proceeds from convertible note payable 432,000
Proceeds from warrant exercise 2,165,000 45,000
Proceeds from related party note payable 58,000
Payment of convertible notes payable (2,025,000)
Payment of notes payable (630,000)
Payment of acquisition note payable (1,885,000)
Payment of related party notes payable (100,000) (58,000)
Payment of advances of future receipts (1,842,000) (7,000)
Net cash provided by financing activities 17,214,000 23,056,000
Net change in cash 832,000 349,000
Cash - beginning of period 983,000 634,000
Cash - end of period 1,815,000 983,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 120,000 146,000
Cash paid for income taxes 1,000 2,000
Supplemental disclosure of non-cash investing and financing activities:    
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 1,410,000
Fair value of derivative liability from issuance of convertible debt, inducement shares and warrant features 3,951,000 6,561,000
Fair value of 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
Discount recognized from advances on future receipts 285,000 285,000
Fair value of common stock issued for prepaid subscription agreement 340,000
Fair value of restricted awards returned - payroll taxes 485,000
Goodwill and intangible assets acquired from acquisition 4,846,000 22,677,000
Assets acquired from the acquisition of subsidiary 436,000 3,364,000
Liabilities assumed from the acquisition of subsidiary 331,000 3,221,000
Issuance of note payable upon acquisition of subsidiary $ 1,885,000