v3.21.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities:    
Net loss $ (1,796,612) $ (58,098)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 77,379 51,115
Bad debt expense 0 5,749
Gain on forgiveness of accounts payable - supplier 0 (236,248)
Stock-based compensation: Stock options 2,576 5,394
Stock-based compensation: Common stock 238,638 16,125
Amortization of debt discount and debt issuance costs 0 376,678
Amortization of debt discount and debt issuance costs - related parties 0 84,168
Changes in operating assets and liabilities:    
Accounts receivable 913,623 (501,126)
Prepaid expenses and other current assets (107,093) (16,557)
Accounts payable - suppliers (2,523) (14,771)
Accounts payable - trade (378,411) 112,251
Accrued expenses and other current liabilities (454,018) (87,260)
Accrued expenses and other current liabilities - related party 0 23,881
Accrued interest 1,584 55,292
Accrued interest - related parties 0 16,745
Net Cash Used In Operating Activities (1,504,857) (166,662)
Cash Flows From Investing Activities:    
Purchase of intangible assets (64,072) (355,019)
Purchase of property and equipment (1,882) (1,087)
Net Cash Used In Investing Activities (65,954) (356,106)
Cash Flows From Financing Activities:    
Proceeds from exercise of warrant [1] 9,326,163  
Proceeds from issuance of notes payable 0 525,000
Payment of deferred offering costs 0 (15,000)
Net Cash Provided By Financing Activities 9,326,163 510,000
Net Increase (Decrease) In Cash 7,755,352 (12,768)
Cash - Beginning of the Period 24,782,128 33,785
Cash - End of the Period 32,537,480 21,017
Cash paid during the periods for:    
Interest 0  
Income taxes 0  
Non-cash investing and financing activities:    
Accrual of intangible assets 0 1,144,981
Accrual of deferred offering costs 0 $ 75,696
Accrual of issuance costs (51,252)  
Shares of common stock issued in satisfaction of accrued issuable equity $ 500,400  
[1] Includes gross proceeds of $ 9,708,038, less issuance costs of $381,875.

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