v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (10,948,214) $ (16,114,316)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization of property and equipment 103,165 120,721
Amortization of license agreements, patents and trademarks 41,347 29,664
Loss on disposal and abandonment of patents and equipment 60,104
Compounded interest on long term debt 153,390
Stock compensation expense 232,058 306,698
Loss on extinguishment of debt 5,291,616
Value of stock issued to employees 616,902
Value of stock issued to 401(k) plan for employer matching contributions 19,588 35,980
Value of stock issued in payment for services 14,800
Changes in operating assets and liabilities:    
Accounts and other receivables (68,242) 12,926,097
Prepaid expenses, right-of-use lease assets, and other assets 696,718 805,597
Accounts payable 687,351 (430,325)
Accrued, lease, and other liabilities (195,989) 548,453
Deferred revenue 2,584 (15,037)
Net cash (used in) provided by operating activities (9,354,730) 4,275,440
Cash flows from investing activities:    
Purchases of available-for-sale securities (600,000)
Proceeds from sales of available-for-sale securities 400,000 200,000
Maturities of available-for-sale securities 400,000 1,400,000
Proceeds from disposal (payments for purchases) of equipment 27,125 (46,192)
Patent and trademark costs (56,700) 0
Net cash provided by investing activities 770,425 953,808
Cash flows from financing activities:    
Proceeds from issuance of common stock 7,086,915 3,000,200
Payment of common stock issuance costs (572,271)
Payment of debt-related costs (7,153,000)
Principal payments on notes payable (359,061) (395,573)
Net cash provided by (used in) financing activities 6,155,583 (4,548,373)
Net (decrease) increase in cash (2,428,722) 680,875
Cash and cash equivalents, beginning of period 3,475,881 2,795,006
Cash and cash equivalents, end of period $ 1,047,159 $ 3,475,881

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