Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (26,324,372) $ (13,327,103)
Adjustments to reconcile net loss to cash used by operations:    
Depreciation 193,786 152,525
Amortization of Marathon loan issuance costs 260,103 0
Amortization of discount on Series B preferred stock 119,471 0
Amortized discount and debt issuance costs on Senior Secured Notes 0 987,500
Stock-based compensation 876,918 548,263
Inventory obsolescence reserve 22,221 0
Change in fair value of warrants 14,910,668 0
Effects of changes in operating assets and liabilities:    
Accounts receivable and lease receivable 24,135 842,798
Inventory 313,712 (342,727)
Prepaid expenses and deposits 554,276 765,043
Accounts payable and accrued liabilities (2,228,966) 1,980,433
Warranty (485,209) 0
Notes payable, related parties 0 550,000
Customer deposits (47,000) 265,595
Net cash used by operating activities (11,810,257) (7,577,673)
Cash flows from investing activities:    
Capital expenditures (2,965,372) 0
Net cash used by investing activities (2,965,372) 0
Cash flows from financing activities:    
Payments on long-term debt 0 (16,770)
Proceeds from revolving loans 5,854,140 0
Proceeds from issuance of series B preferred stock 25,000,000 0
Issuance of common stock 5,928,235 4,021,341
Exercise of warrants and options 0 90,066
Net cash provided by financing activities 36,782,375 4,094,637
Change in cash and cash equivalents 22,006,746 (3,483,036)
Cash and cash equivalents, beginning of the period 1,512,750 4,069,477
Cash and cash equivalents, end of the period $ 23,519,496 $ 586,441