Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (2,366,494) $ (2,382,992)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 260,789 261,176
Stock-based compensation 464,827 313,042
R&D expenses transferred from inventory and construction in progress 416,231
Consulting expense adjustment to change in fair value of warrants (66,200) (68,200)
Unrealized losses on trading security 84,011
Changes in operating assets and liabilities:    
Accounts receivable 451,130 389,900
Inventories (1,256,423) (380,000)
Prepaid expenses and other current assets (537,262) 93,624
Deposits 59,896 153
Accounts payable 862,932
Accrued expenses and other current liabilities 1,041,102 822,184
Operating lease liability 23,683
Net Cash Used for Operating Activities (978,009) (534,882)
Cash Flows from Investing Activities    
Purchase of trading security (198,239)
Purchase of property and equipment (6,846) (1,275)
Net Cash Used for Investing Activities (205,085) (1,275)
Cash Flows from Financing Activities    
Proceeds from short-term loan - related party 2,119,669 182,500
Proceeds from long-term loan - non-current (2,580)
Payment on finance lease liability (516)
Net Cash Provided by Financing Activities 2,116,573 182,500
Net Increase (Decrease) in Cash and restricted cash 933,479 (353,657)
Cash and restricted cash, Beginning of Period 976,829 88,309
Foreign Currency Translation Effect on Cash 343,775 343,596
Cash, End of Period 2,254,083 78,248
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 1,651 1,657
Cash paid during the period for interest 1,833 279
Non-cash Operating and Financing Activities:    
Prepayment for equipment and construction in progress transferred to inventory $ 949,639