v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 2,887,118 $ (3,875,161)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization expense 63,953 68,230
Amortization of debt discount to interest expense 96,075 910,907
Interest expense for put premium on convertible notes 29,212
Non-cash interest expense from fees on debt conversion 2,250
Stock-based compensation 42,183 1,025,571
Stock-based professional fees 119,700 228,946
Bad debt (recovery) expense (10,331) 7,716
Non-cash (gain) loss on debt extinguishment and inducement expense (471,831) 231,395
Gain from sale of Nanoshield product line (4,051,709)
Lease costs 660 586
Change in operating assets and liabilities:    
Accounts receivable 8,970 (86,571)
Inventory (42,388) (1,287)
Prepaid expenses and other assets (734) 23,763
Contract assets 279 82,805
Accounts payable (55,162) (8,721)
Accrued expenses 23,285 122,074
Accrued interest - related party (9,641) 6,247
Accrued compensation 26,041 26,927
Contract liabilities 113,790 53,462
NET CASH USED IN OPERATING ACTIVITIES (1,228,280) (1,183,111)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (114,770)
Proceeds from the sale of Nanoshield product line 4,042,631
NET CASH PROVIDED BY INVESTING ACTIVITIES 3,927,861
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 291,621 641,260
Repayment of notes payable (1,807,414) (75,480)
Proceeds from convertible notes payable 50,000  
Repayment of convertible notes payable (222,750)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,663,543) 815,780
NET INCREASE (DECREASE) IN CASH 1,036,038 (367,331)
CASH, beginning of period 97,091 519,898
CASH, end of period 1,133,129 152,567
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest 225,739 15,287
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 83,950 193,250
Common stock issued for accrued compensation 78,000
Series B preferred stock issued for accrued compensation 144,000 278,654
Preferred stock dividend accrued 40,788 41,811
Deemed dividend related to ratchet provision 4,435
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 issued with convertible debt 325,785
Common stock issued for accounts payable 2,174
Conversion of series C preferred stock to common stock 214,000 114,000
Conversion of notes payable and accrued interest to common stock 198,139
Increase in right of use and lease liability $ 184,375

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