v3.20.2
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 480,425 $ 1,291,421
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 826,820 291,132
Amortization of debt discount 242,096
Stock-based compensation expense 5,301,972 522,243
Bad debt 194,680
(Increase) decrease in:    
Accounts receivable 651,563 (557,836)
Inventory (6,153,633) (3,076,386)
Prepaid expenses and other assets (2,550,244) (1,080,372)
Increase (decrease) in:    
Accounts payable and accrued liabilities 6,608,503 1,042,991
Operating leases 156,844 82,556
Payroll and payroll tax liabilities 271,554 227,893
Income taxes payable 156,000  
Customer deposits (168,924) (79,723)
Sales tax payable 344,518 233,834
Net cash provided by (used in) operating activities 6,120,078 (860,151)
Cash flows from investing activities:    
Assets acquired in business combinations (3,031,696) (7,631,775)
Purchase of furniture and equipment (1,280,666) (1,052,892)
Purchase of intangibles (708,747) (112,050)
Net cash used in investing activities (5,021,109) (8,796,717)
Cash flows from financing activities:    
Principal payments on long term debt (47,252) (228,855)
Proceeds from the sale of common stock and exercise of warrants, net of expenses 792,380 13,105,214
Net cash provided by (used in) financing activities 745,128 12,876,359
Net increase in cash 1,844,097 3,219,491
Cash at the beginning of period 12,979,444 14,639,981
Cash at the end of period 14,823,541 17,859,472
Supplemental disclosures of non-cash financing activities:    
Cash paid for interest 20,421 8,690
Common stock issued for accrued payroll 717,531 210,200
Common stock issued for prepaid services 96,000
Common stock issued for business combination 1,807,700 1,809,631
Debt converted to equity 189,217
Assets acquired by issuance of common stock 168,324 1,809,631
Right to use assets acquired under new operating leases $ 1,094,595 $ 6,210,395

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