Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (553,617) $ 3,051,186
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization expense 49,015 41,395
Amortization of debt discount to interest expense 22,459 95,922
Interest expense for put premium on convertible notes 29,212
Non-cash interest expense from fees on debt conversion 2,250
Stock-based compensation 376,968 42,183
Stock-based professional fees 97,817
Non-cash gain on debt extinguishment (347,990) (462,581)
Gain from sale of nanoShield product line (4,051,709)
Lease costs 732 660
Non-cash compensation claw back (21,961)
Bad debt expense 25,833
Change in operating assets and liabilities:    
Accounts receivable 154,889 188,934
Inventory 19,611 (51,196)
Prepaid expenses and other assets (79,304) (15,434)
Contract assets (57,456) (52,487)
Due from related party (50,000)
Accounts payable 88,605 (50,027)
Accrued expenses (84,257) 8,040
Accrued interest - related party 5,663
Accrued compensation (3,645) 49,812
Contract liabilities (351,936) 157,363
NET CASH USED IN OPERATING ACTIVITIES (812,054) (912,997)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from 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 notes payable 405,550 175,000
Repayment of notes payable (43,642) (1,792,448)
Repayment of note payable - related party (200,000)
Proceeds from convertible notes payable 50,000
Repayment of convertible notes payable (90,000) (222,750)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 271,908 (1,715,198)
NET (DECREASE) INCREASE IN CASH (540,146) 1,414,436
CASH, beginning of period 736,461 97,091
CASH, end of period 196,315 1,511,527
Cash paid for:    
Interest 26,561 199,122
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 79,450
Common stock issued for accrued compensation 78,000
Series B preferred stock issued for accrued compensation 312,000 144,000
Preferred stock dividend accrued 28,098 27,305
Conversion of Series C preferred stock to common stock 60,000 184,000
Conversion of notes payable to common stock 194,000
Reclassification of Series B preferred stock to additional paid-in capital $ 334,009