Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities    
Net Loss $ (6,359,761) $ (5,365,650)
Non-Cash Adjustments    
Depreciation and Amortization 559,089 273,622
Amortization of Software Development Costs in Cost of Sales - Products 25,000 0
Stock-Based Compensation Expense 489,754 508,451
Loss (Gain) on Derivative Valuation 0 (28,133)
(Increase) Decrease in Operating Assets    
Accounts Receivable 572,577 (77,165)
Accrued Project Revenue 0 497,784
Inventories (828,424) (424,013)
Vendor Prepayments 368,658 28,658
Prepaid Expenses and Other Assets 437,947 277,615
Increase (Decrease) in Operating Liabilities    
Accounts Payable (952,497) (1,978,637)
Accrued Expenses (171,068) (211,052)
Customer Deposits (77,747) 137,178
Unearned Revenue 18,618 (26,100)
Income and Other Taxes Payable 43,497 19,251
Accrued Compensation 0 (92,000)
Accrued Interest 0 (10,787)
Net Cash Flows Used in Operating Activities (5,874,357) (6,470,978)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (724,565) (306,739)
Investments in Patents and Trademarks (41,475) (64,664)
Investments in Licenses and Other Intangible Assets (537,409) 0
Investments in Software Development 0 (43,750)
Net Cash Used in Investing Activities (1,303,449) (415,153)
Cash Flows from Financing Activities    
Proceeds from Exercise of Warrants 0 39,375
Proceeds from Common Stock Offerings 0 30,000,000
Issuance Costs on Common Stock Offerings 0 (1,975,000)
Net Cash Flows from Financing Activities 0 28,064,375
Net Increase (Decrease) in Cash and Cash Equivalents (7,177,806) 21,178,244
Cash and Cash Equivalents - Beginning of Period 17,263,643 14,889,636
Cash and Cash Equivalents - End of Period 10,085,837 36,067,880
Supplemental Disclosures    
Interest Paid in Cash 0 19,999
Cumulative Revenue Adjustment - ASC 606 Adoption 0 81,724
Investment in Other Intangible Assets included in Accrued Expenses 250,000 0
Unamortized Common Stock Expense included in Prepaid Expenses 463,154 0
Operating Lease Right-of-Use Asset $ 860,277 $ 0