Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net income (loss) $ 1,878,804 $ (5,073,755)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,044,553 351,069
Provision for doubtful accounts receivable 172,135 35,459
Inventory valuation reserve 429,126 153,397
Amortization of debt discount 356,306 989,601
Stock based compensation 2,490,535 1,895,219
Noncash operating lease expense 15,375
Other (66,536)
(Increase) decrease in:    
Accounts receivable (3,764,947) (244,288)
Inventory (10,482,014) (792,575)
Prepaid expenses and other assets (2,061,701) (182,616)
Increase (decrease) in:    
Accounts payable and accrued liabilities 4,165,188 514,154
Customer deposits 1,987,747 423,688
Payroll and payroll tax liabilities 154,471 270,878
Sales taxes payable 341,698 118,738
Net Cash (Used In) Operating Activities (3,339,260) (1,541,031)
Cash Flows from Investing Activities:    
Assets acquired in business combinations (9,458,743) (5,680,409)
Purchase of property and equipment (2,232,812) (625,379)
Purchase of goodwill and other intangibles (119,125) (61,523)
Net Cash (Used In) Investing Activities (11,810,680) (6,367,311)
Cash Flows from Financing Activities:    
Principal payments on long term debt (460,129) (454,979)
Proceeds from issuance of convertible debt, net of expenses 8,912,765
Proceeds from the sales of common stock and exercise of warrants and options, net of expenses 13,949,532 12,875,272
Net Cash Provided by Financing Activities 13,489,403 21,333,058
Net Increase(decrease) in Cash and Cash Equivalents (1,660,537) 13,424,716
Cash and Cash Equivalents at Beginning of year 14,639,981 1,215,265
Cash and Cash Equivalents at End of year 12,979,444 14,639,981
Supplemental Information:    
Common stock and warrants issued for prepaid services 96,000 45,000
Common stock issued for accrued payroll liability 210,200
Debt converted to Equity 2,310,832 3,621,931
Assets acquired by issuance of stock 3,625,380 5,305,150
Warrants issued for debt discount 4,239,000
Acquisition of vehicles with debt financing 56,174
Interest paid during the period 45,191 23,565
Acquisition of assets with seller financing $ 1,087,000