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 $ (985,857) $ (1,612,953)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 9,572 23,966
Amortization of patents 11,352 13,253
Stock compensation 113,507 30,715
Employees paid in stock 115,000 186,035
Expense paid in stock 25,000
Earnings on China joint venture (1,301)
Non-cash operating lease expense 1,883 27,627
Changes in operating assets and liabilities:    
Decrease in accounts receivable 101,895 421,127
(Increase) in accounts receivable, related party (267,300)
Decrease in other assets 11,755
(Increase) decrease in inventories 399,630 (102,316)
(Increase) in advances on contracts (338,995) (65,171)
(Increase) in prepaid expenses and other current assets (272,905) (165,032)
(Decrease) in accounts payable 211,072 64,317
(Decrease) increase accounts payable, related party (200,778) 30,567
Increase in accrued expenses 339,518 215,437
(Decrease) in accrued expenses, related party (204,107) (76,406)
Net cash used in operating activities (967,814) (972,079)
Cash flows from investing activities:    
Purchase of property and equipment (5,916) (7,138)
Net cash used in investing activities (5,916) (7,138)
Cash flows from financing activities:    
Proceeds from exercise of warrants 3,012,216 230,362
Payments finance lease obligations (1,883) (1,442)
Net proceeds from employee options exercised 690,190
Net cash provided by financing activities 3,700,523 228,920
Net increase in cash and cash equivalents 2,726,793 (750,297)
Cash and cash equivalents at beginning of period 14,223,917 1,516,272
Cash and cash equivalents at end of period 16,950,710 765,975
Supplemental non-cash disclosure of cash flow information:    
Initial recognition of operating lease-right of use assets (706,071)
Initial recognition of operating lease right to used liabilities $ 706,071

Source