v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (7,388,812) $ (7,580,240)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 42,937 47,495
Amortization of intangibles 53,012 53,013
Stock based compensation 550,349 183,888
Employees paid in stock 794,732 857,810
Consulting expense paid in stock 838,410 441,355
Non-cash operating lease expense 34,332
Earnings on China joint venture (97,887) (81,324)
Change in fair value of derivative liability 3,635,580
Changes in operating assets and liabilities:    
Decrease in accounts receivable 630,009 267,791
Decrease in accounts receivable, related party 100,000
Decrease (increase) in other assets 11,755 (9,027)
(Increase) decrease in inventories (799,670) 300,542
Decrease (increase) in advances on contracts 296,460 (61,879)
Decrease (increase) in prepaid expenses and other current assets 103,148 (104,522)
Decrease in accounts payable (896,453) 320,239
Decrease in accounts payable, related party (973,614) (303,346)
Decrease in deferred cost, related party 50,000
Increase in accrued expenses 50,323 273,537
(Decrease) in accrued expenses, related party (233,959) (70,200)
(Decrease) in deferred revenue, related party (100,000)
Net cash used in operating activities (6,984,928) (1,779,288)
Cash flows from investing activities:    
Purchase of property and equipment (21,438) (9,916)
Net cash used in investing activities (21,438) (9,916)
Cash flows from financing activities:    
Proceeds from exercise of warrants 1,018,023 337,500
Payments finance lease obligations (7,622)
Common stock issued to employee for option exercised 384,146
Net proceeds from note payable 276,180
Net proceeds from Public Offering 18,043,284 1,974,547
Net proceeds from Private Placement Offering 250,000
Net cash provided by financing activities 19,714,011 2,562,047
Net increase (decrease) in cash and cash equivalents 12,707,645 772,843
Cash and cash equivalents at beginning of period 1,516,272 743,429
Cash and cash equivalents at end of period 14,223,917 1,516,272
Supplemental non-cash disclosure of cash flow information:    
Initial recognition of operating lease-right of use assets (706,071) (166,292)
Initial recognition of operating lease right to used liabilities $ 706,071 $ 166,292

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