Cash Flow

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (3,063,673) $ (2,787,913)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,858 8,697
Amortization of intangible assets 108,842 108,843
Amortization of deferred license costs 30,590
Bad debt expense (benefit) (54,000)
Interest income on long-term note receivable (23,185)
Stock-based compensation 471,683 482,139
Loss on asset disposal 1,012 52,039
Changes in operating assets and liabilities:    
Accounts receivable (2,581,925) 363,987
Contract assets (14,786) 251,636
Inventories (681,521)
Prepaid expenses and other current assets (189,143) 821,802
Accounts payable and accrued expenses (841,778) (653,821)
Contract liabilities 2,322,164 (1,093,796)
Other current liabilities 5,000
Net cash used in operating activities (4,453,862) (2,500,387)
Cash flows provided by investing activities:    
Advances in note receivable (650,000)
Purchase of Echo DCL, LLC, net of cash acquired (743,168)
Purchase of property, plant and equipment (49,434) (2,070)
Net cash used in investing activities (1,442,602) (2,070)
Cash flows from financing activities:    
Proceeds from public stock offering, net of issuance costs 17,118,480 1,136,015
Proceeds from long-term note payable 200,000
Settlement of common stock from reverse stock split (122)
Net cash provided by financing activities 17,318,358 1,136,015
Net increase (decrease) in cash and cash equivalents 11,421,894 (1,366,442)
Cash and cash equivalents - beginning of period 1,625,671 1,368,395
Cash and cash equivalents - end of period 13,047,565 1,953
Supplemental disclosure of non-cash operating and financing activities:    
Non-cash conversion of accrued interest of long-term note payable to common stock 6,263
Non-cash conversion of long-term note payable to common stock 200,000
Non-cash conversion of accrued salary to restricted stock units to common stock 162,941
Total non-cash operating and financing activities $ 206,263 $ 162,941

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