Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (1,476,330) $ (2,987,245)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27,555 22,878
Non-cash lease expense 8,995 30,354
Loss on abandonment of patent applications 469 47,774
Stock compensation expense 19,669 184,850
Value of stock issued to 401(k) plan for employer matching contributions 52,348 44,720
Value of stock issued in payment of employee bonuses 0 16,965
Value of stock issued in payment of director fees 0 6,525
Gain on amendment of contracts (1,226,432) 0
Amortization of debt discount and issuance costs 92,151 0
Changes in operating assets and liabilities:    
Receivables (30,413) (22,852)
Inventory (33,292) (171,837)
Prepaid expenses and other assets 108,050 240,832
Accounts payable 1,048,588 143,616
Accrued and other liabilities (304,485) (149,083)
Lease liabilities (8,990) (86,567)
Deferred revenue 0 122,964
Net cash used in operating activities (1,722,117) (2,556,106)
Cash flows from investing activities:    
Payments for purchases of equipment (15,068) (42,017)
Patent and trademark costs (24,341) (76,175)
Net cash used in investing activities (39,409) (118,192)
Cash flows from financing activities:    
Principal payments on notes payable (200,539) (339,453)
Net cash used in financing activities (200,539) (339,453)
Net decrease in cash and cash equivalents (1,962,065) (3,013,751)
Cash and cash equivalents, beginning of period 1,995,860 4,230,865
Cash and cash equivalents, end of period $ 33,795 $ 1,217,114