v3.19.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (944,729) $ (907,004)
Net loss attributable to noncontrolling interest   (112,585)
Net loss attributable to common stockholders (944,729) (794,419)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net loss attributable to noncontrolling interest   (112,585)
Deferred (benefit) provision for income taxes (1,165,219) 215,982
(Gain) on disposal of property and equipment (1,050)  
Provision for bad debt (88) 91,127
Warranty reserves (3,428) 1,326
Amortization of deferred gain (16,479) (28,838)
Depreciation and amortization 464,727 253,758
Inventory reserves 57,046 (457,872)
Amortization of debt discount   24,830
Stock-based compensation expense 167,474 35,318
Changes in operating assets and liabilities:    
Accounts receivable 1,868,297 (111,949)
Inventories (2,699,867) 430,121
Prepaid expenses and other current assets (185,596) (340,579)
Accounts payable 1,467,746 (2,803,316)
Accrued expenses and other liabilities 791,149 (433,714)
Net cash used in operating activities (200,017) (4,030,810)
Cash flows from investing activities:    
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP, (net) (803,243) (13,387)
Proceeds from sales of property and equipment 1,050  
Net cash used in investing activities (802,193) (13,387)
Cash flows from financing activities:    
Proceeds from stock options exercised 14,201 54,575
Payment of payroll taxes on net issuance of employee stock options   (274,663)
Stock issuance costs   (1,810,902)
Proceeds from issuance of common stock   19,500,000
Net borrowings (repayments) on bank lines of credit 140,967 (3,334,508)
Payments on related-party notes payable   (163,483)
Payments on notes payable (972,440) (985,692)
Net cash (used in) provided by financing activities (817,272) 12,985,327
Net change in cash and cash equivalents (1,819,482) 8,941,130
Effect of exchange rates on cash 2,660  
Cash and cash equivalents, beginning of period 2,272,256 185,717
Cash and cash equivalents, end of period 455,434 9,126,847
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 6,268 39,351
Cash paid during the period for income taxes $ 62,349  
Supplemental disclosure of non-cash transactions:    
Fair value of warrants issued in connection with initial public offering   669,408
Reclassification of prepaid IPO expenses to additional paid in capital   887,450
Reclassification of inventories to property and equipment   $ 384,318

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