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 ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net loss $ (4,487,700) $ (4,068,430)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 521,126 520,808
Stock-based compensation 913,814 659,591
R&D expenses transferred from inventory and construction in progress 416,231
Consulting expense adjustment to change in fair value of warrants 389,300 (336,567)
Unrealized losses on trading security 60,170
Changes in operating assets and liabilities:    
Accounts receivable 451,130 (1,209,964)
Inventories (1,811,443) (386,750)
Prepaid expenses and other current assets 90,401 138,893
Deposits (200) (296)
Accounts payable 961,610 1,587,222
Accrued expenses and other current liabilities 1,280,837 1,838,951
Operating lease liability 107,020
Net Cash Used for Operating Activities (1,523,935) (840,311)
Cash Flows from Investing Activities    
Purchase of trading security (157,756)
Purchase of property and equipment (28,924) (2,297)
Net Cash Used for Investing Activities (186,680) (2,297)
Cash Flows from Financing Activities    
Proceeds from short-term bank loan 163,200
Proceeds from short-term loans 1,222,211 194,600
(Repayment on) proceeds from long-term loan (3,568) 47,742
Proceeds from issuance of common stock 6,047,630
Issuance of stock warrants 5,000
Payment on finance lease liability (5,926)
Net Cash Provided by Financing Activities 1,375,917 6,294,972
Net Increase (Decrease) in Cash and Restricted Cash (334,698) 5,452,364
Cash and Restricted Cash, Beginning of Period 976,829 88,309
Foreign Currency Translation Effect on Cash (227,817) 465,294
Cash and Restricted Cash, End of Period 414,314 6,005,967
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 1,651
Cash paid during the period for interest 3,373 338
Non-cash Operating and Financing Activities:    
Prepayment for equipment and construction in progress transferred to inventory $ 949,639