Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (1,144,350) $ (747,427)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 91,190 924
Amortization of intangible assets 40,407 36,280
Amortization of deferred license costs 10,196 10,197
Interest income on long-term note receivable (9,247) (4,863)
Stock-based compensation 286,186 38,764
Changes in operating assets and liabilities:    
Accounts receivable (581,299) 6,472
Contract assets (599,441) 93,355
Inventories (155,935)
Prepaid expenses and other current assets (679,540) (71,440)
Right of use asset 97,846
Accounts payable and accrued expenses 2,062,776 (357,323)
Contract liabilities (641,412) (31,751)
Due to affiliates (863,151)
Lease liability (97,342)
Net cash used in operating activities (2,183,116) (1,026,812)
Cash flows provided by investing activities:    
Advances in note receivable (400,000)
Purchase of property, plant and equipment (862,090)
Purchase of intangible asset (42,500)
Payment on assumed liability of acquired assets (85,798)
Net cash used in investing activities (990,388) (400,000)
Cash flows from financing activities:    
Proceeds from long-term note payable 200,000
Proceeds from conversion of warrants to common stock 703,438
Settlement of common stock from reverse stock split (122)
Net cash provided by financing activities 703,438 199,878
Net increase (decrease) in cash and cash equivalents (2,470,066) (1,226,934)
Cash and cash equivalents - beginning of period 13,010,356 1,625,671
Cash and cash equivalents - end of period $ 10,540,290 $ 398,737