v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (3,744,582) $ (3,063,673)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 294,860 2,858
Amortization of intangible assets 124,053 108,842
Amortization of deferred license costs 30,589 30,590
Bad debt expense 161,202
Interest income on long-term note receivable (28,048) (23,185)
Stock-based compensation 778,657 471,683
Loss on asset disposal 34,182 1,012
Changes in operating assets and liabilities:    
Accounts receivable (1,092,210) (2,581,925)
Contract assets 818,514 (14,786)
Inventories (11,937) (681,521)
Prepaid expenses and other current assets (235,202) (189,143)
Right of use asset 390,581
Accounts payable and accrued expenses 3,173,788 (841,778)
Contract liabilities (598,560) 2,322,164
Due to affiliates (738,451) 5,000
Lease liability (389,853)
Net cash used in operating activities (1,032,417) (4,453,862)
Cash flows from 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 (4,806,294) (49,434)
Purchase of intangible asset (42,500)
Proceeds from sale of equipment 225,000
Payment on assumed liability of acquired assets (194,969)
Investment in and advances to equity affiliates (3,464,762)
Net cash used in investing activities (8,283,525) (1,442,602)
Cash flows from financing activities:    
Proceeds from conversion of warrants to common stock 707,188
Proceeds from public stock offering, net of issuance costs 17,118,480
Proceeds from short-term note payable 1,948,234
Proceeds from long-term note payable 200,000
Distribution paid to noncontrolling interest (3,059,134)
Settlement of common stock from reverse stock split (122)
Net cash (used in) provided by financing activities (403,712) 17,318,358
Net increase (decrease) in cash and cash equivalents (9,719,654) 11,421,894
Cash and cash equivalents - beginning of period 13,010,356 1,625,671
Cash and cash equivalents - end of period 3,290,702 13,047,565
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

Source