Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (1,226,346) $ 2,887,118
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization expense 75,104 63,953
Amortization of debt discount to interest expense 48,705 96,075
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 119,700
Non-cash gain on debt extinguishment (126,770) (471,831)
Gain from sale of nanoShield product line (4,051,709)
Lease costs 732 660
Non-cash compensation claw back (21,961)
Bad debt expense (recovery) 7,021 (10,331)
Change in operating assets and liabilities:    
Accounts receivable 190,425 8,970
Inventory 35,226 (42,388)
Prepaid expenses and other assets (57,941) (734)
Contract assets (81,085) 279
Accounts payable 102,357 (55,162)
Accrued expenses (95,143) 23,285
Accrued interest - related party (9,641)
Accrued compensation 6,450 26,041
Contract liabilities (370,262) 113,790
NET CASH USED IN OPERATING ACTIVITIES (1,136,520) (1,228,280)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (42,157) (114,770)
Proceeds from sale of Nanoshield product line 4,042,631
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (42,157) 3,927,861
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 275,000
Proceeds from notes payable 775,837 291,621
Repayment of notes payable (176,948) (1,807,414)
Repayment of note payable - related party (250,000)
Proceeds from convertible notes payable 50,000
Repayment of convertible notes payable (135,000) (222,750)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 463,889 (1,663,543)
NET (DECREASE) INCREASE IN CASH (714,788) 1,036,038
CASH, beginning of period 736,461 97,091
CASH, end of period 21,673 1,133,129
Cash paid for:    
Interest 124,558 225,739
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 83,950
Common stock issued for accrued compensation 78,000
Series B preferred stock issued for accrued compensation 312,000 144,000
Preferred stock dividends accrued 39,106 40,788
Conversion of Series C preferred stock to common stock 60,000 214,000
Conversion of notes payable and accrued interest to common stock 198,139
Reclassification of Series B preferred stock to additional paid-in capital 334,009
Reclassification of Series C preferred to notes payable 800,000
Reclassification of notes payable to convertible notes payable $ 284,408