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, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,024,222) $ (1,985,234)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 30,569 29,422
Stock based compensation 650,271 242,146
Bad debt expense on note receivable and accrued interest 89,933
Changes in assets and liabilities:    
Accounts receivable 181,960 (37,243)
Inventories 97,736 (329,598)
Deposits and other assets (118,168) 32,045
Prepaid expenses (1,245) (2,919)
Accrued payroll and payroll related expenses 39,421 (20,239)
Accounts payable and accrued expenses (146,784) (9,003)
Net cash used in operating activities (3,200,528) (2,080,623)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase in intangible assets (36,593) (19,408)
Net cash used in investing activities (36,593) (19,408)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of common stock 1,244,037 4,138,435
Proceeds from the exercise of warrants 40,000
Net cash provided by financing activities 1,244,037 4,178,435
NET (DECREASE) INCREASE IN CASH (1,993,084) 2,078,404
BEGINNING OF YEAR 2,236,837 158,433
END OF THE YEAR 243,753 2,236,837
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 4,227 3,537
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of accounts payable into restricted stock 44,700
Settlement of receivables with payables 301,799
Purchases of inventory in accounts payable $ 1,237,691