v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (993,925) $ (1,585,400)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 198,398 1,848
Amortization of intangible assets 82,230 72,561
Amortization of deferred license costs 20,392 20,393
Bad debt expense 161,202
Interest income on long-term note receivable (18,596) (11,096)
Stock-based compensation 532,422 168,514
Changes in operating assets and liabilities:    
Accounts receivable (245,307) (483,067)
Contract assets (819,095) 94,185
Inventories (631,771)
Prepaid expenses and other current assets 16,800 (203,096)
Right of use asset 204,840
Accounts payable and accrued expenses 1,958,175 (235,858)
Contract liabilities (985,672) (20,106)
Due to affiliates (583,791)
Lease liability (204,246)
Net cash used in operating activities (1,307,944) (2,181,122)
Cash flows provided by investing activities:    
Advances in note receivable (650,000)
Purchase of property, plant and equipment (4,692,918)
Purchase of intangible asset (42,500)
Payment on assumed liability of acquired assets (157,469)
Investment in and advances to equity affiliates (3,350,329)
Net cash used in investing activities (8,243,216) (650,000)
Cash flows from financing activities:    
Proceeds from conversion of warrants to common stock 707,187
Proceeds from public stock offering, net of issuance costs 17,118,480
Proceeds from long-term note payable 200,000
Distribution paid to noncontrolling interest (1,842,784)
Settlement of common stock from reverse stock split (122)
Net cash (used in) provided by financing activities (1,135,597) 17,318,358
Net increase (decrease) in cash and cash equivalents (10,686,757) 14,487,236
Cash and cash equivalents - beginning of period 13,010,356 1,625,671
Cash and cash equivalents - end of period 2,323,599 16,112,907
Supplemental disclosure of non-cash operating activities:    
Non-cash conversion of long-term note payable to common stock 200,000
Non-cash conversion of accrued interest of long-term note payable to common stock 6,263
Total non-cash operating activities $ 206,263

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