XML 20 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,489,999) $ (3,836,421)
Adjustments to reconcile net loss with cash flows from operations:    
Depreciation and amortization expense 309,829 304,211
Stock-based compensation 626,579 169,110
Extinguishment of note payable 985,842
Amortization of debt discounts and issuance costs 131,674 95,948
Impairment losses 871,807
Changes in operating assets and liabilities:    
Accounts receivable (543,955) (450,291)
Net investment in direct financing lease 17,450 15,686
Other current assets (63,582) 355,880
Inventory 129,863 37,714
Accounts payable and accrued expenses (124,665) 156,085
Contract liabilities 319,192 121,719
Other liabilities 11,697  
Net cash flows from operating activities (1,675,917) (1,172,710)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (2,394)
Purchase of intangible assets (4,424)  
Decrease (increase) in other assets 18,845 (128,676)
Net cash flows from investing activities 14,421 (131,070)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible note payable 1,510,000
Payment of debt issuance costs (104,800)
Proceeds from Paycheck Protection Program Loan 485,760
Principal payments on finance lease obligation and notes payable (10,801) (9,600)
Net cash flows from financing activities 474,959 1,395,600
Effect of Foreign Currencies 39,338 (96,653)
Net Change in Cash (1,147,199) (4,833)
Cash, Beginning of the Period 3,765,277 567,081
Cash, End of the Period 2,618,078 562,248
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 8,779 2,792
Cash paid for income taxes 7,188 8,874
Modification of warrants issued with convertible debt 95,223
Exchange of notes payable and accrued interest for convertible notes payable 2,662,000
Settlement of accounts payable with issuance of common stock 8,270
Conversion of convertible note payable and accrued interest to common stock 124,080
Equity reclassification due to cashless option and warrant exercises $ 1,322