Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,442,998) $ (3,100,148)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 4,944 8,487
Amortization of debt discount to interest expense 305,438
Accretion of preferred shares stated value to interest expense 40,217
Stock-based compensation 3,953,672 670,202
Stock-based professional fees 261,467 45,000
Bad debt expense 35,000
Interest expense related to put premium on convertible debt 47,870
Derivative expense 744,028
Non-cash gain on debt extinguishment (110,408)
Non-cash fees upon conversion 1,750
Lease costs (444) 267
Change in operating assets and liabilities:    
Accounts receivable (23,729) 122,966
Inventory 3,128 (160,108)
Prepaid expenses and other assets 7,724 6,972
Due from related party (7,041)
Accounts payable 70,436 211,741
Accrued expenses 36,378 78,045
Deferred revenue 2,275
Accrued compensation 309,500 434,260
NET CASH USED IN OPERATING ACTIVITIES (791,963) (651,146)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 441,000
Proceeds from sale of series A preferred stock 120,000
Proceeds from sale of series C preferred stock 250,000
Proceeds from note payable 500,000 156,200
Proceeds from convertible notes payable 100,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 750,000 817,200
NET (DECREASE) INCREASE IN CASH (41,963) 166,054
CASH, beginning of period 323,407 77,211
CASH, end of period 281,444 243,265
Cash paid for:    
Interest 1,371 273
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 79,800 50,000
Common stock issued for accrued compensation 40,626
Series B preferred stock issued for accrued compensation 295,000
Common stock issued for accounts payable 117,838 6,058
Common stock issued for debt and accrued interest 102,335
Common stock issued for conversion of Series A preferred shares and related dividends 162,792
Reclassification of put premium to equity 37,438
Preferred stock dividend accrued 21,816
Deemed dividend related to beneficial conversion feature of Series C preferred shares 2,845,238
Increase in debt discount and derivative liability 85,502
Increase in debt discount and paid-in capital for warrants $ 14,498