v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net Loss $ (3,711,236) $ (4,678,397)
Noncash Expenses:    
Depreciation and Amortization 86,150 150,222
Securities Issued for Services 728,201 645,878
Change in assets and liabilities:    
Accounts Receivable (429,527) (42,403)
Interest Receivable 1,391
Inventory 24,178 (472,501)
Prepaid Assets 55,669 (179,191)
Accounts Payable (544,991) 205,571
Deferred Revenue (46,606) 48,345
Accrued Expenses 108,022 (177,494)
Deferral of Payroll Taxes under the CARES Act 53,545
NET CASH USED IN OPERATING ACTIVITIES (3,676,595) (4,498,579)
INVESTING ACTIVITIES    
Purchase of Property and Equipment (88,074) (33,487)
Purchase of Intangible Assets (161,878) (157,922)
Payment Received from Notes Receivable 120,522
Dissolution of Joint Venture 500
NET CASH USED IN INVESTING ACTIVITIES (249,452) (70,887)
FINANCING ACTIVITIES    
Gross Proceeds from Public and Private Issuances of Securities 3,600,000 4,981,220
Less Offering Costs (820,224) (655,954)
Payment of Note Payable (50,000)
Proceeds from Exercise of Warrants 5,619,900 75,848
NET CASH PROVIDED BY FINANCING ACTIVITIES 8,349,676 4,401,114
NET CHANGE IN CASH FOR PERIOD 4,423,629 (168,352)
CASH AT BEGINNING OF PERIOD 86,919 1,279,782
CASH AT END OF PERIOD 4,510,548 1,111,430
Noncash investing and financing activities disclosure:    
Issuance of Common Shares for Preferred Dividends 1,744,471
Disclosure of cash received for:    
Issuance of Preferred Stock for Exercise of Preferred Warrants 5,619,900
Disclosure of cash paid for:    
Interest 12,741 2,514
Income Taxes

Source