Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net Loss $ (9,600,290) $ (11,415,695)
Non-Cash Adjustments    
Depreciation and Amortization 1,289,253 1,167,054
Amortization of Software Development Costs in Cost of Sales - Products 91,664 50,000
Stock-Based Compensation 941,933 872,250
Impairment of Patents and Trademarks 57,532  
(Increase) Decrease in Operating Assets    
Accounts Receivable (120,965) (251,810)
Accrued Project Revenue (175,005) (281,783)
Inventories (548,466) (1,146,421)
Vendor Prepayments (374,791) 239,558
Prepaid Expenses and Other Assets (7,442) 496,613
Increase (Decrease) in Operating Liabilities    
Accounts Payable (230,201) (1,080,970)
Accrued Expenses (122,971) (223,286)
Customer Deposits   (151,542)
Unearned Revenue (77,247) 17,479
Income and Other Taxes Payable 5,915 25,432
Net Cash Flows Used in Operating Activities (8,871,081) (11,683,121)
Cash Flows from Investing Activities    
Purchase of Fixed Assets (253,174) (1,286,811)
Investments in Patents and Trademarks (140,863) (137,755)
Investments in Licenses and Other Intangible Assets (250,000) (796,226)
Net Cash Used in Investing Activities (644,037) (2,220,792)
Cash Flows from Financing Activities    
Net Proceeds from Sale of Equity 10,582,309  
Proceeds from Term Note 1,555,900  
Net Cash Flows from Financing Activities 12,138,209  
Net Increase (Decrease) in Cash and Cash Equivalents 2,623,091 (13,903,913)
Cash and Cash Equivalents - Beginning of Period 10,606,091 17,263,643
Cash and Cash Equivalents - End of Period 13,229,182 3,359,730
Supplemental Disclosures    
Unamortized Common Stock Expense included in Prepaid Expenses 223,496 $ 123,105
Non-Cash Investment in Licenses 471,809  
Stock-Based Compensation Expense - Expensed less Previously Issued $ 31,118