Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 3,051,186 $ (2,928,771)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization expense 41,395 45,665
Amortization of debt discount to interest expense 95,922 527,219
Interest expense for put premium on convertible notes 29,212
Non-cash interest expense from fees on debt conversion 2,250
Stock-based compensation 42,183 1,021,126
Stock-based professional fees 97,817 124,050
Bad debt expense 7,716
Non-cash (gain) loss on debt extinguishment and inducement expense (462,581) 231,395
Gain from sale of Nanoshield product line (4,051,709)
Lease costs 660 749
Change in operating assets and liabilities:    
Accounts receivable 188,934 (80,545)
Inventory (51,196) 20,285
Prepaid expenses and other assets (15,434) 20,343
Contract assets (52,487) 82,805
Accounts payable (50,027) 102
Accrued expenses 8,040 77,335
Accrued interest - related party 5,663
Accrued compensation 49,812 34,276
Contract liabilities 157,363 16,876
NET CASH USED IN OPERATING ACTIVITIES (912,997) (799,374)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from the sale of Nanoshield product line 4,042,631
NET CASH PROVIDED BY INVESTING ACTIVITIES 4,042,631
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 275,000
Proceeds from note payable - related party 250,000
Repayment of note payable - related party (200,000)
Proceeds from notes payable 175,000 175,000
Repayment of notes payable (1,792,448) (49,396)
Proceeds from convertible notes payable 50,000 148,420
Repayment of convertible notes payable (222,750)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,715,198) 524,024
NET INCREASE (DECREASE) IN CASH 1,414,436 (275,350)
CASH, beginning of period 97,091 519,898
CASH, end of period 1,511,527 244,548
Cash paid for:    
Interest 199,122 8,354
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 79,450 102,000
Common stock issued for accrued compensation 78,000
Series B preferred stock issued for accrued compensation 144,000 278,654
Preferred stock dividend accrued 27,305 27,925
Deemed dividend related to ratchet provision 3,702
Increase in debt discount and paid-in capital for shares issued with convertible debt 45,699
Increase in debt discount and paid-in capital for warrants issued with convertible debt 325,785
Increase in debt discount and paid-in capital for beneficial conversion feature on convertible debt 469,899
Conversion of series C preferred stock to common stock 184,000 114,000
Conversion of notes payable to common stock 194,000
Common stock issued for accounts payable $ 2,174