v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net loss $ (3,499,617) $ (1,563,418)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 159,293 139,145
Bad debt expense 0 3,734
Gain on forgiveness of accounts payable - supplier 0 (236,248)
Stock-based compensation: Stock options 5,085 10,817
Stock-based compensation: Common stock 255,667 73,125
Amortization of debt discount and debt issuance costs 0 585,409
Amortization of debt discount and debt issuance costs - related parties 0 173,236
Changes in operating assets and liabilities:    
Accounts receivable 878,814 (537,681)
Prepaid expenses and other current assets (52,766) (1,317)
Accounts payable - suppliers 16,061 (7,999)
Accounts payable - trade (404,930) 209,292
Accrued expenses and other current liabilities (334,280) 373,284
Accrued interest (3,975) 133,741
Accrued interest - related parties 0 37,355
Net Cash Used In Operating Activities (2,980,648) (607,525)
Cash Flows From Investing Activities:    
Purchase of intangible assets (1,114,072) (355,019)
Purchase of property and equipment (10,181) (2,316)
Net Cash Used In Investing Activities (1,124,253) (357,335)
Cash Flows From Financing Activities:    
Proceeds from exercise of warrants [1] [1] 9,787,149 0
Proceeds from exercise of options 8,361  
Proceeds from issuance of notes payable 0 406,190
Proceeds from issuance of notes payable - related parties 0 585,000
Payment of deferred offering costs (10,300) (15,000)
Net Cash Provided By Financing Activities 9,785,210 976,190
Net Increase In Cash 5,680,309 11,330
Cash - Beginning of the Period 24,782,128 33,785
Cash - End of the Period 30,462,437 45,115
Cash paid during the periods for:    
Interest 0 0
Income taxes 0 0
Non-cash investing and financing activities:    
Original issue discount in connection with convertible notes payable   285,000
Original issue discount in connection with convertible notes payable - related party   75,500
Accrual of intangible assets 0 1,144,981
Accrual of deferred offering costs 13,605 148,702
Forgiveness of related party liability   33,738
Accrual of warrant exercise issuance costs 83,519 0
Shares issued as partial consideration for intangible asset 532,000 0
Shares of common stock issued in satisfaction of accrued issuable equity $ 507,044 $ 0
[1] Includes gross proceeds of $10,169,027, less issuance costs of $381,878.

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