v3.20.2
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 3,817,758 $ 2,341,120
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,270,398 538,847
Amortization of debt discount 356,306
Stock-based compensation expense 6,324,109 1,075,735
Bad debt 93,522
Gain on asset disposition (27,817)
(Increase) decrease in:    
Accounts receivable (884,834) (1,307,965)
Inventory (13,421,096) (7,331,270)
Prepaid expenses and other assets (3,092,297) (2,208,060)
Increase (decrease) in:    
Accounts payable and accrued liabilities 6,264,843 3,108,049
Operating leases 220,441 137,103
Payroll and payroll tax liabilities 871,186 327,818
Income taxes payable 1,927,805
Customer deposits (34,204) 411,096
Sales tax payable 368,244 271,357
Net cash provided by (used in) operating activities 3,698,058 (2,279,864)
Cash flows from investing activities:    
Assets acquired in business combinations (4,027,096) (8,528,698)
Purchase of furniture and equipment (2,115,270) (1,536,508)
Purchase of intangibles (796,556) (112,819)
Net cash used in investing activities (6,938,922) (10,178,025)
Cash flows from financing activities:    
Principal payments on long term debt (74,928) (340,078)
Proceeds from the sale of common stock and exercise of warrants, net of expenses 45,683,798 14,140,667
Net cash provided by (used in) financing activities 45,608,870 13,800,589
Net increase in cash 42,368,006 1,342,700
Cash at the beginning of period 12,979,444 14,639,981
Cash at the end of period 55,347,450 15,982,681
Supplemental disclosures of non-cash financing activities:    
Cash paid for interest 19,728 35,757
Common stock issued for accrued payroll 717,531 210,210
Common stock issued for prepaid services 96,000
Common stock issued for business combination 1,807,700 3,339,631
Assets acquired by issuance of common stock 168,324
Debt converted to equity 2,310,832
Right to use assets acquired under new operating leases $ 2,172,701 $ 6,804,616

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