XML 18 R7.htm IDEA: XBRL DOCUMENT 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 income (loss) $ 16,339,371 $ (2,832,004)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:    
Depreciation and amortization 145,459 134,143
Stock-based compensation 656,378 688,415
Change in fair value of warrant derivative liabilities (21,688,835)
Provision for inventory obsolescence 361,437 238,957
Gain on extinguishment of debt (10,000)
Amortization of discount on unsecured promissory notes 86,867
Change in fair value of secured convertible notes 1,300,252
Change in fair value of proceeds investment agreement (2,885,000)
Debt issuance costs 34,906
(Increase) decrease in:    
Accounts receivable – trade 817,077 (9,866)
Accounts receivable – other (265,627) (23,620)
Inventories (1,774,922) 289,170
Prepaid expenses (391,084) (193,366)
Operating lease right of use assets 30,332 (647,176)
Other assets (616,005) 79,981
Increase (decrease) in:    
Accounts payable (307,744) (804,120)
Accrued expenses 79,290 92,811
Income taxes payable (7,231) (4,776)
Operating lease obligations (41,185) 572,022
Contract liabilities 523,516 (174,599)
Net cash used in operating activities (6,149,773) (4,057,003)
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (5,452,729) (96,011)
Additions to intangible assets (41,126) (67,098)
Cash paid for business acquisition, net of cash acquired (1,012,552)
Net cash used in investing activities (6,506,407) (163,109)
Cash Flows from Financing Activities:    
Proceeds from unsecured promissory note payable, related party 319,000
Proceeds from unsecured promissory note payable 100,000
Proceeds from promissory notes payable 1,568,900
Proceeds from issuance of common stock upon exercise of warrants 5,203,122
Proceeds from issuance of secured convertible notes payable 1,500,000
Proceeds from sale of common stock in underwritten public offering 12,829,241
Proceeds from exercise of stock options 7,800
Principal payment on subordinated notes payable (400,000)
Principal payment on secured convertible notes (748,180)
Principal payments on unsecured promissory note payable, related party (319,000)
Debt issuance costs (34,906)
Net proceeds from sale of common stock in registered direct offerings 13,346,600
Proceeds from issuance of common stock upon exercise of pre-funded warrants 53,224,000
Principal payment on subordinated notes payable
Principal payment on secured convertible notes
Net cash provided by financing activities 66,570,600 20,025,977
Net increase in cash and cash equivalents 53,914,420 15,805,865
Cash, cash equivalents, beginning of period 4,361,758 359,685
Cash, cash equivalents, end of period 58,276,178 16,165,550
Supplemental disclosures of cash flow information:    
Cash payments for interest 128,911
Cash payments for income taxes 7,231 4,776
Supplemental disclosures of non-cash investing and financing activities:    
Issuance of contingent consideration promissory note for business acquisition 350,000
Liabilities assumed in business acquisition 162,552
Restricted common stock grant 450 664
Restricted common stock forfeitures 8 36
Cashless exercise of common stock purchase warrants 0 7
Amounts allocated to initial measurement of warrant derivative liabilities in connection to the warrants and pre-funded warrants 51,216,058
Issuance of common stock upon conversion of secured convertible notes 3,024,685
Amounts allocated to common stock purchase warrants in connection with issuance of unsecured promissory note payable $ 741,947