Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES    
Net Loss $ (5,200,139) $ (6,320,849)
Noncash Expenses:    
Depreciation and Amortization 105,175 192,569
Stock Based Compensation - Employees 596,842 497,240
Stock Based Compensation - Third Party Services 102,775 32,679
Stock Based Compensation - Directors 239,883 300,000
Change in assets and liabilities:    
Accounts Receivable (276,022) (16,740)
Inventory (60,932) (358,632)
Prepaid Assets 134,991 (184,472)
Accounts Payable (598,177) 509,626
Deferred Revenue (61,490) 87,949
Accrued Expenses 121,157 (254,175)
Long-term portion of Stock Appreciation Rights 48,341
Long Term portion of Deferred Payroll Taxes under the CARES Act 37,728
NET CASH USED IN OPERATING ACTIVITIES (4,809,868) (5,514,805)
INVESTING ACTIVITIES    
Purchase of Property and Equipment (88,074) (33,487)
Purchase of Intangible Assets (210,785) (174,224)
Payment Received from Notes Receivable 121,913
Dissolution of Joint Venture 500
NET CASH USED IN INVESTING ACTIVITIES (298,359) (85,798)
FINANCING ACTIVITIES    
Gross Proceeds from Public and Private Issuances of Securities 3,600,000 4,981,221
Less Offering Costs (820,228) (649,329)
Payment of Note Payable (50,000)
Proceeds from Exercise of Warrants 5,992,350 75,848
NET CASH PROVIDED BY FINANCING ACTIVITIES 8,722,122 4,407,740
NET CHANGE IN CASH FOR PERIOD 3,613,895 (1,192,863)
CASH AT BEGINNING OF PERIOD 86,919 1,279,782
CASH AT END OF PERIOD 3,700,814 86,919
Noncash investing and financing activities disclosure:    
Issuance of Common Shares for Preferred Dividends 1,809,275
Disclosure of Cash Received for:    
Issuance of Preferred Stock for Exercise of Preferred Warrants 5,992,350
Issuance of Securities for services 342,657 335,679
Disclosure of cash paid for:    
Interest 13,908 5,069
Income Taxes