Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net loss $ (4,228,126) $ (2,366,494)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 258,315 260,789
Stock-based compensation 1,680,365 464,827
Consulting expense adjustment to change in fair value of warrants (355,600) (66,200)
Unrealized investment loss 624,738 80,684
Amortization of bonds issuance costs 47,565
Changes in operating assets and liabilities:    
Accounts receivable 451,130
Inventories (1,445,680) (1,256,423)
Prepaid expenses and other current assets (622,495) (537,262)
Deposits 1,539 59,896
Accounts payable 862,932
Accrued expenses and other current liabilities 886,719 1,044,429
Operating lease liability (1,417) 23,683
Net Cash Used for Operating Activities (3,154,077) (978,009)
Cash Flows from Investing Activities    
Proceeds from sales of short-term investment 6,102
Purchase of short-term investment (198,239)
Purchase of property and equipment (3,521) (6,846)
Purchase of long-term investment (680)
Net Cash Provided by (Used for) Investing Activities 1,901 (205,085)
Cash Flows from Financing Activities    
Proceeds from short-term loan – related party 2,215,105 2,119,669
Payment on long-term loan (2,980) (2,580)
Payment on finance lease liability (3,164) (516)
Net Cash Provided by Financing Activities 2,208,961 2,116,573
Net Increase (Decrease) in Cash and Restricted Cash (943,215) 933,479
Cash and Restricted Cash, Beginning of Period 3,794,591 976,829
Foreign Currency Translation Effect on Cash 393,767 343,775
Cash and Restricted Cash, End of Period 3,245,143 2,254,083
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 1,695 1,651
Cash paid during the period for interest 2,671 1,833
Cash and Restricted Cash:    
Cash 33,632 2,226,822
Restricted cash 3,211,511 27,261
Total $ 3,245,143 $ 2,254,083