v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,919,419) $ (4,863,973)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 22,910 2,472
Amortization of debt discount to interest expense 207,727
Stock-based compensation 1,014,508 3,902,480
Stock-based professional fees 111,800 90,317
Bad debt expense 35,000
Non-cash gain on debt extinguishment (2,925)
Lease costs (723) (266)
Change in operating assets and liabilities:    
Accounts receivable (134,598) (22,359)
Inventory 19,853 (252)
Prepaid expenses and other assets 325 3,862
Contract assets 80,265
Due from related party (6,826)
Accounts payable 23,816 127,443
Accrued expenses 25,482 17,368
Accrued compensation 11,583 302,001
Contract liabilities 35,627
NET CASH USED IN OPERATING ACTIVITIES (503,769) (412,733)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of series C preferred stock 250,000
Proceeds from note payable 175,000
Repayment of notes payable (21,019)
NET CASH PROVIDED BY FINANCING ACTIVITIES 153,981 250,000
NET DECREASE IN CASH (349,788) (162,733)
CASH, beginning of period 519,898 323,407
CASH, end of period 170,110 160,674
Cash paid for:    
Interest 4,754
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 79,800
Common stock issued for accrued compensation 40,626
Series B preferred stock issued for accrued compensation 278,654 295,000
Common stock issued for accounts payable 2,174
Preferred stock dividend accrued 14,005 10,338
Deemed dividend related to beneficial conversion feature of Series C preferred shares 2,845,238
Increase in debt discount and paid-in capital for shares issued with convertible debt 12,963
Conversion of series C preferred stock to common stock $ 12,000

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