v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES:    
Net loss $ (475,064) $ (3,944,256)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 35,327 29,238
Loss on disposal of property, plant, and equipment 10,002
Amortization expense of intangible assets 219,000 219,000
Noncash lease expense 66,961
Stock based compensation 164,178 1,647,444
Changes in operating assets and liabilities:    
Accounts receivable (1,613,414) 44,305
Inventory (518,722) (769,966)
Deferred offering costs (174,475)
Prepaid expenses and other current assets (123,228) 3,238
Operating lease obligation (66,087)
Accounts payable and accrued expense 1,693 447,943
Deferred revenue 22,500 9,800
Due from related party 11,937
Net cash used in operating activities (2,461,331) (2,291,315)
INVESTING ACTIVITIES:    
Cash received from sale of vehicle 60,000
Cash paid on fixed assets (104,026) (5,279)
Net cash provided by (used) in investing activities (104,026) 54,721
FINANCING ACTIVITIES:    
Proceeds from sale of common stock 1,957,750
Acquisition of treasury stock (50,000)
Proceeds from related party convertible note payable 900,000
Proceeds from bank line of credit 900,000
Net cash provided by financing activities 1,907,750 1,800,000
NET DECREASE IN CASH (657,607) (436,594)
CASH, beginning of period 2,282,365 615,375
CASH, end of period 1,624,758 178,781
Noncash investing and financing activities for the nine months ended September 30:    
ROU assets and operating lease obligations recognized 189,763
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 94,806 232,255
Income taxes

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