Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (1,295,492) $ (1,400,957)
Stock-based compensation:    
401(k) stock 8,507 13,312
Options and warrants 103,581 157,994
Gain on foreign currency translation (465) (47,523)
Net realized and unrealized investment losses 957 707
Depreciation and amortization 46,161 49,580
Amortization of right-of-use asset 55,717 53,705
Amortization of debt discount 3,325 6,495
Provision for uncollectible assets 9,609
Decrease (increase) in assets:    
Accounts receivable (16,115) (197,209)
Inventory (13,448) (237,979)
Prepaid expenses and other current assets (23,627) 31,065
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 110,573 52,081
Operating lease liabilities (59,185) (37,031)
Deferred revenue (2,712) (12,281)
Other liabilities 12,617 (14,679)
Total Adjustments 235,495 (181,763)
Net Cash Used in Operating Activities (1,059,997) (1,582,720)
Cash Flows from Investing Activities    
Purchase of property and equipment (16,789) (17,772)
Net Cash Used in Investing Activities (16,789) (17,772)
Cash Flows from Financing Activities    
Proceeds from loans payable 27,641
Proceeds from loans payable - related parties 368,335
Repayments of loans payable (20,677) (43,226)
Proceeds from convertible debt obligations 725,000 786,000
Repayments of debt obligations (30,000)
Proceeds from common stock offering 884,750
Net Cash Provided by Financing Activities 1,100,299 1,597,524
Effect of Exchange Rate Changes on Cash 128,051 8,392
Net Increase in Cash 151,564 5,424
Cash and Cash Equivalents - Beginning of Period 40,378 58,488
Cash and Cash Equivalents - End of Period 191,942 63,912
Supplemental Disclosures of Cash Flow Information:    
Interest paid 58,147 80,513
Income taxes paid
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity $ 63,415