Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net Loss $ (17,952,172) $ (26,476,370) $ (21,875,713)
Non-Cash Adjustments      
Depreciation and Amortization 2,458,482 2,441,581 1,469,664
Amortization of Software Development Costs in Cost of Sales - Products 183,328 100,000 100,000
Stock-Based Compensation 2,805,842 1,498,357 2,272,481
Impairment of Patents and Trademarks 73,532    
Loss on Disposal of Fixed Assets     55,172
Impairment of Software Development Cost     196,223
Loss on Derivative Valuation     13,873
Gain on Debt Extinguishment, net of Loss on Note Receivable (1,305,900)    
Inventory reserve for Obsolescence 1,273,835 4,572,659  
Gain on Vendor Credit     (211,416)
(Increase) Decrease in Operating Assets      
Accounts Receivable (289,413) (599,577) 201,836
Accrued Project Revenue     497,784
Inventories (1,666,792) (2,998,724) (3,429,485)
Manufacturing Vendor Prepayments (242,493) 512,680 (600,502)
Prepaid Expenses and Other Assets 156,537 414,997 (69,959)
Increase (Decrease) in Operating Liabilities      
Accounts Payable 454,370 (1,605,456) (846,399)
Accrued Expenses 97,136 21,819 (26,789)
Customer Deposits   (152,362) 78,900
Unearned Revenue (101,311) (69,263) 103,902
Income and Other Taxes Payable 90,966 (15,361) 26,758
Accrued Compensation     (327,469)
Accrued Interest     (171,435)
Net Cash Flows Used in Operating Activities (13,964,053) (22,355,020) (22,542,574)
Cash Flows from Investing Activities      
Purchase of Fixed Assets (496,629) (1,898,771) (1,365,388)
Investments in Patents and Trademarks (488,884) (250,304) (444,906)
Investments in Licenses and Other Intangible Assets   (758,464) (1,250,000)
Notes Receivable   (250,000)  
Investments in Software Development (500,000)   (87,500)
Net Cash Used in Investing Activities (1,485,513) (3,157,539) (3,147,794)
Cash Flows from Financing Activities      
Proceeds from exercise of warrants 14,128,527   39,375
Proceeds from Exercise of Stock Options 29,220    
Net Proceeds from Sale of Equity 25,199,336 18,855,007 28,025,000
Proceeds from Term Note 1,555,900    
Net Cash Flows Provided from Financing Activities 40,912,983 18,855,007 28,064,375
Net Increase (Decrease) in Cash and Cash Equivalents 25,463,417 (6,657,552) 2,374,007
Cash and Cash Equivalents - Beginning of Period 10,606,091 17,263,643 14,889,636
Cash and Cash Equivalents - End of Period 36,069,508 10,606,091 17,263,643
Supplemental Disclosures      
Unamortized Common Stock Expense included in Prepaid Expenses 219,051 83,475 25,000
Non-Cash Investment in Licenses 272,444    
Stock-Based Compensation Expense - Expensed less Previously Issued $ 148,011 $ 93,587 $ 678,815