Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 2,300,147 $ (11,694,528)
Less: gain from discontinued operations (7,425,000) 0
Net loss from continuing operations (5,124,853) (11,694,528)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 81,717 69,352
Non-cash lease expense 27,241 91,733
Loss on abandonment of patent and trademark applications 1,377 64,833
Reserve for expiring inventory 0 133,006
Stock compensation expense, net (3,826) 266,456
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 24,847
Value of stock issued under long term incentive plan 0 19,740
Value of stock issued in payment of director fees 51,869 15,925
Value of stock issued in payment of upfront commitment fee 50,000 0
Gain on amendment of contracts (1,226,432) 0
Gain on sale of non-financial asset – NAV4694 (750,000) 0
Loss on extinguishment of debt 185,056 0
Amortization of debt discount and issuance costs 265,896 126,878
Changes in operating assets and liabilities:    
Receivables (30,240) (62,197)
Inventory (33,402) (175,657)
Prepaid expenses and other assets 633,517 953,566
Accounts payable (51,905) 317,202
Accrued and other liabilities (1,381,887) 2,727,010
Lease liabilities (27,095) (266,970)
Deferred revenue 0 790,644
Net cash provided by (used in) operating activities from continuing operations (7,280,619) (6,553,440)
Proceeds from sale of non-financial asset – NAV4694 750,000 0
Payments for purchases of equipment (15,068) (63,086)
Proceeds from sales of equipment 336 0
Patent and trademark costs (106,201) (255,224)
Net cash used in investing activities from continuing operations (629,067) (318,310)
Cash flows from financing activities:    
Proceeds from issuance of Preferred Stock 1,100,000 6,173,000
Proceeds from issuance of Common Stock 643,759 0
Proceeds from note payable 300,000 2,500,000
Payment of debt issuance costs 0 (14,627)
Principal payments on notes payable (843,613) (453,427)
Net cash provided by financing activities from continuing operations 1,095,514 7,241,676
Net (decrease) increase in cash and cash equivalents – continuing operations (5,556,038) 369,926
Cash provided by investing activities from discontinued operations 7,425,000 0
Net increase in cash and cash equivalents 1,868,962 369,926
Cash and cash equivalents, beginning of period 1,995,860 4,230,865
Cash and cash equivalents, end of period 3,864,822 4,600,791
Preferred Stock [Member]    
Cash flows from financing activities:    
Payment of preferred stock issuance costs (11,000) (963,270)
Common Stock [Member]    
Cash flows from financing activities:    
Payment of preferred stock issuance costs $ (93,632) $ 0