Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES:    
Net loss $ (1,103,174) $ (1,678,290)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 8,803 11,847
Loss on disposal of property, plant, and equipment 8,417
Amortization expense of intangible assets 73,000 73,000
Noncash lease expense 19,601
Stock based compensation 88,205 1,023,496
Changes in operating assets and liabilities:    
Accounts receivable 11,071 65,656
Inventory (296,645) 344,643
Prepaid expenses and other current assets (169,853) 12,254
Operating lease obligations (19,274)
Accounts payable and accrued expense (42,783) (96,429)
Due from related party (358) 653
Net cash used in operating activities (1,431,407) (234,753)
INVESTING ACTIVITIES:    
Cash received from sale of vehicle 60,000
Cash paid on fixed assets (30,761) (1,930)
Net cash provided by (used) in investing activities (30,761) 58,070
FINANCING ACTIVITIES:    
Proceeds from sale of common stock 1,940,250
Proceeds from related party convertible note payable 250,000
Proceeds from bank line of credit 250,000
Net cash provided by financing activities 1,940,250 500,000
NET INCREASE IN CASH 478,082 323,317
CASH, beginning of period 2,282,365 615,375
CASH, end of period 2,760,447 938,692
Noncash investing and financing activities for the quarters ending March 31:    
Stock issued for related party subscription note receivable 17,500
ROU assets and operating lease obligations recognized 189,763
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 33,095 68,389
Income taxes