v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Net loss $ (3,682,650) $ (4,791,155)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 13,055 31,851
Amortization of patents 22,705 26,506
Stock compensation 307,331 58,219
Employees paid in stock 748,171 714,005
Expense paid in stock 262,713 406,800
Loss on China joint venture 94,556 0
Non-cash operating lease expense 3,808 28,901
Gain on debt extinguishment-PPP (276,180) 0
Changes in operating assets and liabilities:    
Decrease in accounts receivable 268,315 1,603,379
Increase in accounts receivable, related party 0 0
Decrease in other assets 0 11,755
(Increase) decrease in inventories 940,788 (231,944)
Decrease in advances on contracts (979,615) (131,518)
Decrease in prepaid expenses and other current assets (26,380) 50,162
Increase (Decrease) in accounts payable 99,713 (917,898)
(Decrease) increase in accounts payable, related party (183,251) (839,359)
Decrease in accrued expenses 551,136 272,953
Increase in accrued expenses, related party (234,525) (404,161)
Net cash used in operating activities (2,070,310) (4,111,504)
Cash flows from investing activities:    
Purchase of property and equipment (13,075) (15,499)
Net cash used in investing activities (13,075) (15,499)
Cash flows from financing activities:    
Proceeds from exercise of warrants 3,150,416 949,012
Payments finance lease obligations (3,808) (3,200)
Net proceeds from employee options exercised 690,190 0
Net proceeds from note payable 0 272,099
Net proceeds from Public Placement Offering 0 18,003,037
Net cash provided by financing activities 3,836,798 19,220,948
Net increase in cash and cash equivalents 1,753,413 15,093,945
Cash and cash equivalents at beginning of period 14,223,917 1,516,272
Cash and cash equivalents at end of period 15,977,330 16,610,217
Supplemental non-cash disclosure of cash flow information:    
Initial recognition of operating lease-right of use assets 0 (706,071)
Initial recognition of operating lease right to used liabilities $ 0 $ 706,071

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