Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,508,288) $ (2,360,423)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 4,723 6,494
Amortization of debt discount to interest expense 148,917 2,883
Accretion of preferred shares stated value to interest expense 27,967
Stock-based compensation 361,380 1,467,276
Stock-based professional fees 15,000 49,646
Interest expense related to put premium and dividends on convertible debt and preferred shares 33,325 30,400
Derivative expense 378,920
Lease costs 134
Change in operating assets and liabilities:    
Accounts receivable 116,008 37,033
Inventory 359 (13,475)
Prepaid expenses and other assets (1,515) 2,867
Accounts payable 31,113 124,527
Accrued expenses 29,609 9,592
Accrued compensation 61,076 300,154
NET CASH USED IN OPERATING ACTIVITIES (301,272) (343,026)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of stock 280,000
Proceeds from sale of series A preferred stock 80,000
Proceeds from note payable 19,185
Proceeds from subscription payable 100,000
Proceeds from convertible notes payable 50,000 102,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 410,000 221,185
NET (DECREASE) INCREASE IN CASH 108,728 (121,841)
CASH, beginning of period 77,211 128,567
CASH, end of period 185,939 6,726
Cash paid for:    
Interest 2,384 234
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 50,000 114,460
Common stock issued for accounts payable 6,058
Common stock issued for accrued interest 12,720
Increase in debt discount and derivative liability 41,324
Increase in debt discount and paid-n capital for warrants $ 8,676