Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flow from Operating Activities    
Net (loss) income $ (2,303,966) $ 1,113,213
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 79,262 102,934
Amortization of financing costs 266,944 0
Stock-based compensation 2,027,250 0
Changes in assets and liabilities:    
Accounts receivable (224,266) (299,011)
Inventory 12,431 (16,049)
Prepaid expenses and other current assets (1,118,270) 29,220
Accounts payable 148,709 128,316
Accrued expenses and other current liabilities 248,473 178,870
Due from related party (416,062) (396,418)
Net cash (used in) provided by operating activities (1,279,495) 841,075
Cash Flows from Investing Activities    
Purchases of property and equipment (27,462) (44,264)
Purchase of loan held for investment (500,000) 0
Net cash used in investing activities (527,462) (44,264)
Cash Flows from Financing Activities    
Borrowings under notes payable 645,000 0
Repayments under notes payable – related parties (78,593) 0
Repayments under notes payable (645,000) 0
Net proceeds from sale of common stock 5,358,570 0
Fees paid for financing costs (99,444) 0
Dividends paid 0 (779,277)
Net cash provided by (used in) financing activities 5,180,533 (779,277)
Net increase in cash and cash equivalents 3,373,576 17,534
Cash and cash equivalents - beginning of period 557,268 2,534,753
Cash and cash equivalents - end of period 3,930,844 2,552,287
Supplemental Disclosures of Cash Flow Information    
Interest 62,623 0
Income taxes 0 0
Shares issued to note holders 67,500 0
Shares to be issued to note holders $ 100,000 $ 0