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, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities      
Net Loss $ (26,476,370) $ (21,875,713) $ (19,633,502)
Non-Cash Adjustments      
Depreciation and Amortization 2,441,581 1,469,664 998,528
Amortization of Software Development Costs in Cost of Sales - Products 100,000 100,000 214,838
Stock-Based Compensation 1,498,357 2,272,481 1,852,022
Loss on Disposal of Fixed Assets   55,172 585
Amortization of Term Debt Discounts and Deferred Issuance Costs   0 175,260
Loss on Derivative Valuation   13,873 (20,204)
Impairment of Software Development Cost   196,223 0
Inventory reserve for Obsolescence 4,572,659 0 0
Loss (Gain) on Inventory Revaluation and Product Discontinuance   (211,416) 1,151,482
(Increase) Decrease in Operating Assets      
Accounts Receivable (599,577) 201,836 (870,858)
Accrued Project Revenue   497,784 (497,784)
Inventories (2,998,724) (3,429,485) (2,352,581)
Manufacturer Vendor Prepayments 512,680 (600,502) (10,549)
Prepaid Expenses and Other Assets 414,997 (69,959) (9,288)
Increase (Decrease) in Operating Liabilities      
Accounts Payable (1,605,456) (846,399) 2,640,584
Accrued Expenses 21,819 (26,789) 554,832
Customer Deposits (152,362) 78,900 7,300
Unearned Revenue (69,263) 103,902 (401,748)
Other Taxes (15,361) 26,758 (8,790)
Accrued Compensation   (327,469) (321,250)
Accrued Interest   (171,435) 65,417
Net Cash Flows Used in Operating Activities (22,355,020) (22,542,574) (16,465,706)
Cash Flows from Investing Activities      
Purchase of Fixed Assets (1,898,771) (1,365,388) (1,681,258)
Investments in Patents and Trademarks (250,304) (444,906) (599,444)
Investments in Licenses and Other Intangible Assets (758,464) (1,250,000) 0
Notes Receivable (250,000) 0 0
Investments in Software Development   (87,500) (408,723)
Net Cash Used in Investing Activities (3,157,539) (3,147,794) (2,689,425)
Cash Flows from Financing Activities      
Proceeds from Exercise of Warrants   39,375 0
Proceeds from Common Stock Offerings 20,000,007 30,000,000 21,128,502
Issuance Costs on Common Stock Offerings (1,145,000) (1,975,000) (1,617,679)
Net Cash Flows from Financing Activities 18,855,007 28,064,375 19,510,823
Net Increase (Decrease) in Cash and Cash Equivalents (6,657,552) 2,374,007 355,692
Cash and Cash Equivalents - Beginning of Period 17,263,643 14,889,636 14,533,944
Cash and Cash Equivalents - End of Period 10,606,091 17,263,643 14,889,636
Supplemental Disclosures      
Interest Paid in Cash   19,128 22,814
Non-cash Investing and Financing Activities      
Common Stock Issued for Services included in Prepaid Expenses 83,475 25,000 0
Investment in Other Intangible Assets included in Accrued Expenses   750,000 0
Conversion of Term Debt and Accrued Interest into Common Stock   0 1,861,283
Reclassification of Derivative Liability Upon Warrant Exercise   166,800 0
Cumulative Revenue Adjustment - ASC 606 Adoption   81,724 0
Stock-Based Compensation Expense - Expensed less Previously Issued $ 93,587 $ 678,815 $ 0