XML 30 R5.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ (2,731,943) $ 1,859,300
Adjustments to reconcile net income (loss) to net cash used by operating activities:    
Depreciation and amortization 1,051,211 1,002,813
Stock based compensation 331,264 106,617
Paid in-kind interest 12,000
Amortization of deferred financing costs and debt discount 351 40,067
Gain on extinguishment of liabilities, net (3,532,659)
Decrease (increase) in assets:    
Accounts receivable 90,150 107,708
Inventory (88,291) (291,329)
Prepaid expenses and other current assets (160,104) (55,374)
Increase (decrease) in liabilities:    
Accounts payable (6,485) 762,404
Accrued expenses (318,741) (394,170)
Other liabilities (1,452,876) (1,141,929)
Net cash used by operating activities (3,285,464) (1,524,552)
Cash flows from investing activities:    
Purchase of property, plant and equipment (823,348) (526,251)
Purchase of intangible assets (357,816) (45,471)
Net cash used by investing activities (1,181,164) (571,722)
Cash flows from financing activities:    
Payments of long-term debt (194,386) (966,077)
Borrowing from equipment line of credit 587,750 87,703
Borrowings from convertible note 500,000
Issuances of common stock, net of issuance costs 5,041,611 300,000
Receipt of subscription receivable, net of issuance costs 288,000
Net cash provided (used) by financing activities 5,934,975 (290,374)
Net increase (decrease) in cash and cash equivalents 1,468,347 (2,386,648)
Cash and cash equivalents at beginning of period 2,447,985 4,444,628
Cash and cash equivalents at end of period $ 3,916,332 $ 2,057,980