Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,240,740) $ (9,904,719)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 24,629 33,718
Bad debt expense (recovery) 992 (552)
Amortization of debt discount to interest expense 160,542 40,691
Stock-based compensation 3,858,967 6,735,124
Stock-based professional fees 355,393 118,750
Settlement expense 200,000
(Gain) loss on debt extinguishment (31,009) 380,171
Interest expense related to put premium on convertible debt 88,620
Derivative expense 570,059
Lease costs 44
Change in operating assets and liabilities:    
Accounts receivable (61,662) (55,542)
Inventory (5,843) 1,516
Prepaid expenses and other assets 1,949 (11,243)
Accounts payable 239,605 382,067
Accrued expenses 89,266 22,709
Accrued compensation 635,477 89,528
NET CASH USED IN OPERATING ACTIVITIES (1,313,711) (1,967,782)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash acquired in recapitalization 187,401
NET CASH PROVIDED BY INVESTING ACTIVITIES 187,401
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of stock 780,000 1,267,500
Proceeds from sale of series A preferred stock 127,000
Proceeds from exercise of stock options 19,185 195,000
Proceeds from note payable 25,000 400,000
Repayment of note payable (25,000)
Repayment of convertible note payable (238,080) (260,000)
Proceeds from convertible notes payable 574,250 260,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,262,355 1,862,500
NET (DECREASE) INCREASE IN CASH (51,356) 82,119
CASH, beginning of year 128,567  
CASH, end of year 77,211 128,567
Cash paid for:    
Interest 37,339 6,791
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Beneficial conversion feature reflected in debt discount 260,000
Common stock issued as prepaid for services 161,460 18,333
Common stock issued for accrued compensation 364,000 392,577
Series B preferred stock issued for accrued compensation 108,000
Exercise of stock options for accrued compensation 20,575
Common stock issued for debt and accrued interest 12,000 105,833
Common stock issued for accrued settlement 114,915
Increase in debt discount and derivative liability 320,351
Increase in debt discount and paid-n capital for warrants 61,899
Increase in right of use asset and lease liability $ 74,296