Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net loss $ (2,458,146) $ (2,801,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) stock 20,437 18,433
Stock-based compensation: Options and warrants 314,712 206,256
Gain on foreign currency translation (28,861) (20,490)
Unrealized investment losses (gains) 457 (448)
Depreciation and amortization 67,922 92,503
Amortization of right-of-use asset 53,704 92,862
Amortization of debt discount 7,102
Provision for (recovery of) uncollectible assets 9,338 (28,897)
Loss on derecognition of right-of-use asset and lease liabilities 39,367
Forgiveness of PPP Loan (242,486)
Decrease (increase) in assets:    
Accounts receivable (420,996) (54,914)
Inventory (10,107) 156,670
Deposits (35,545) 18,451
Prepaid expenses and other current assets (206,396) (27,075)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (1,017,085) 348,537
Operating lease liabilities (43,882) (98,641)
Deferred revenue 33,492 (15,405)
Other liabilities (1,261) 31,241
Total Adjustments (1,506,557) 765,552
Net Cash Used in Operating Activities (3,964,703) (2,036,177)
Cash Flows from Investing Activities    
Purchase of property and equipment (223,651) (17,203)
Purchase of investment - related parties (1,000,000)
Net Cash Used in Investing Activities (1,223,651) (17,203)
Cash Flows from Financing Activities    
Proceeds from loans payable 27,641
Proceeds from loans payable - related parties 267,397
Repayments of loans payable (127,573) (102,756)
Repayments of loans payable - related parties (126,000)
Proceeds from convertible debt obligations 1,358,420
Repayments of debt obligations (100,000)
Proceeds from Issuance Initial Public Offering [1] 7,287,004
Payment of offering costs (390,684)
Proceeds from common stock issued for cash 926,061
Proceeds from sale of common stock and warrants 439,000
Proceeds from PPP Loan 242,487
Proceeds from SBA Economic Injury Disaster Loan 94,000
Repurchase of preferred stock (16,000)
Net Cash Provided by Financing Activities 8,033,808 1,745,189
Effect of Exchange Rate Changes on Cash 235,590 418,523
Net Increase in Cash 3,081,044 110,332
Cash - Beginning of Period 134,536 40,378
Cash - End of Period 3,215,580 150,710
Supplemental Disclosures of Cash Flow Information:    
Interest paid 359,451 125,561
Income taxes paid
Non-Cash Investing and Financing Activity    
Common stock and warrants issued upon exchange of debt and accrued interest 1,422,068
Series B Preferred stock converted to common stock 9,010,824
Reclassification of deferred offering cost to additional paid in capital 67,016
Common stock and warrants issued to underwriter in public offering 297,963
Common stock issued for subscription receivable 1,377,150
Accrual of offering costs 74,085
Common stock issued to placement agent as commitment fees 500,000
Right-of-use assets obtained in exchange for lease obligations $ 1,843,043
[1] Includes gross proceeds of $8,002,004, less offering costs of $715,000.