Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 4,555,486 $ (5,986,703)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 54,689 44,649
Non-cash lease expense 18,239 60,929
Loss on abandonment of patent and trademark applications 1,377 62,388
Stock compensation expense (14,173) 225,404
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 338 12,975
Gain on amendment of contracts (1,226,432) 0
Loss on extinguishment of debt (185,056) 0
Amortization of debt discount and issuance costs 197,361 56,182
Receivables (44,082) 62,924
Inventory (33,402) (164,515)
Prepaid expenses and other assets 424,895 411,284
Accounts payable (114,757) 1,005,335
Accrued and other liabilities (1,070,383) (418,347)
Lease liabilities (18,227) (175,535)
Deferred revenue 0 45,929
Payments for purchases of equipment (15,068) (48,657)
Proceeds from sales of equipment 336 0
Patent and trademark costs (89,678) (190,727)
Net cash used in investing activities (104,410) (239,384)
Net cash provided by (used in) operating activities 2,968,333 (4,695,415)
Changes in operating assets and liabilities:    
Amortization of debt discount and issuance costs 197,361 56,182
us-gaap_IncreaseDecreaseInContractWithCustomerLiability 0 45,929
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 1,100,000 0
Proceeds from issuance of Common Stock 643,759 0
Proceeds from note payable 300,000 1,500,000
Payment of debt issuance costs 0 (14,627)
Principal payments on notes payable (705,040) (453,427)
Net cash provided by financing activities 1,284,086 1,031,946
Net increase (decrease) in cash and cash equivalents 4,148,009 (3,902,853)
Cash and cash equivalents, beginning of period 1,995,860 4,230,865
Cash and cash equivalents, end of period 6,143,869 328,012
Preferred Stock [Member]    
Cash flows from financing activities:    
Payment of preferred stock issuance costs 11,000 (0)
Common Stock [Member]    
Cash flows from financing activities:    
Payment of preferred stock issuance costs $ 43,633 $ (0)