Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,886,807 $ (5,156,478)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization expense 88,859 89,219
Amortization of debt discount to interest expense 96,258 1,059,752
Interest expense for put premium on convertible notes 29,212 90,731
Default penalty included in interest expense 206,250
Non-cash interest expense from fees on debt conversion 2,250
Stock-based compensation 42,183 1,039,943
Stock-based professional fees 121,950 298,571
Bad debt expense 21,296 7,716
Gain on sale of property and equipment (9,000) (5,500)
Non-cash (gain) loss on debt extinguishment and inducement expense (481,832) 343,895
Gain from sale of Nanoshield product line (4,051,709)
Lease costs (72) 1,080
Change in operating assets and liabilities:    
Accounts receivable (175,945) (100,160)
Inventory (113,712) 5,485
Prepaid expenses and other assets 3,376 (746)
Contract assets (2,121) 82,526
Accounts payable (69,543) (49,709)
Accrued expenses 183,647 299,660
Accrued interest - related party (10,027) 10,027
Accrued compensation 357,822 180,609
Contract liabilities 478,083 12,211
NET CASH USED IN OPERATING ACTIVITIES (1,602,218) (1,584,918)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (114,770)
Proceeds from the sale of property and equipment 9,000 5,500
Proceeds from the sale of Nanoshield product line 4,042,631
NET CASH PROVIDED BY INVESTING ACTIVITIES 3,936,861 5,500
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 (250,000)
Proceeds from notes payable 291,621 903,760
Repayment of notes payable (1,824,144) (157,149)
Proceeds from convertible notes payable 50,000 160,000
Repayment of convertible notes payable (237,750)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,695,273) 1,156,611
NET INCREASE (DECREASE) IN CASH 639,370 (422,807)
CASH, beginning of year 97,091 519,898
CASH, end of year 736,461 97,091
Cash paid for:    
Interest 319,085 479,509
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 83,950 217,250
Common stock issued for accrued compensation 78,000
Series B preferred stock issued for accrued compensation 144,000 278,654
Preferred stock dividend accrued 54,195 55,655
Reclassfication of accrued interest payable to convertible note payable 81,841
Increase in debt discount and paid-in capital for shares issued with convertible debt 110,631
Increase in debt discount and paid-in capital for warrants and beneficial conversion features 680,000
Common stock issued for accounts payable 2,174
Conversion of series C preferred stock to common stock 214,000 139,000
Conversion of notes payable and accrued interest to common stock 198,139
Increase in right of use and lease liability $ 184,375