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 ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities    
Net loss $ (1,526,939) $ (3,736,028)
Adjustments to reconcile net loss to net cash used in operating activities:    
401(k) stock 23,845 24,945
Options 427,376 262,670
Common stock 105,900
Gain on foreign currency translation (34,991) (35,316)
Unrealized investment losses 457 1,739
Depreciation and amortization 103,680 138,409
Amortization of right-of-use asset 134,261 92,862
Amortization of debt discount 9,335
Provision for (recovery of) uncollectible assets 19,865
Recovery of uncollectible assets (13,079)
Loss on derecognition of right-of-use asset and lease liabilities 39,367
Forgiveness of PPP Loan (242,486)
Gain on debt restructuring (130,421)
Decrease (increase) in assets:    
Accounts receivable (2,713,685) (487,000)
Inventory (75,095) 51,462
Deposits (35,545) 18,451
Prepaid expenses and other current assets (498,785) (45,831)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (1,057,858) 232,632
Operating lease liabilities (109,705) (98,641)
Deferred revenue (180,639) (11,001)
Other liabilities (1,267) 2,782
Total Adjustments (4,134,672) 53,365
Net Cash Used in Operating Activities (5,661,611) (3,682,663)
Cash Flows from Investing Activities    
Purchase of property and equipment (640,440) (39,859)
Purchase of investment - related parties (3,500,000)
Net Cash Used in Investing Activities (4,140,440) (39,859)
Cash Flows from Financing Activities    
Proceeds from loans payable 27,641
Proceeds from loans payable - related parties 574,000
Repayments of loans payable (159,441) (266,580)
Repayments of loans payable - related parties (579,011)
Proceeds from convertible debt obligations 3,214,389
Repayments of debt obligations (100,000)
Proceeds from underwritten public offering, net of offering costs [1] 7,287,004
Payment of offering costs (690,400)
Proceeds from common stock issued for cash 3,746,454
Proceeds from sale of common stock and warrants 439,000
Proceeds from common stock offering 1,201,200
Proceeds from PPP Loan 242,487
Proceeds from SBA Economic Injury Disaster Loan 94,000
Repurchase of preferred stock (16,000)
Proceeds from exercise of warrants 1,647,000
Net Cash Provided by Financing Activities 12,169,617 4,492,126
Effect of Exchange Rate Changes on Cash 334,398 400,686
Net Increase in Cash 2,701,964 1,170,290
Cash - Beginning of Period 134,536 40,378
Cash - End of Period 2,836,500 1,210,668
Supplemental Disclosures of Cash Flow Information:    
Interest paid 411,981 199,632
Income taxes paid
Non-Cash Investing and Financing Activity    
Accrued stock-based compensation converted to equity 39,537
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
Debt and interest payable converted to equity 1,260,314
Common stock and warrants issued to underwriter in public offering 297,963
Common stock issued for subscription receivable 140,600
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.