Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,021,701) $ (4,892,442)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 12,872 17,557
Bad debt expense (recovery) (1,277)
Amortization of debt discount to interest expense 14,142 40,691
Stock-based compensation 2,479,173 3,194,249
Stock-based professional fees 235,042 70,417
Loss on debt extinguishment 380,171
Interest expense related to put premium on convertible debt 57,423
Change in operating assets and liabilities:    
Accounts receivable 2,945 2,689
Inventory (10,378) 5,194
Prepaid expenses and other assets 8,878 741
Accounts payable 189,861 119,997
Accrued expenses 28,371 2,201
Accrued compensation 370,905 16,986
NET CASH USED IN OPERATING ACTIVITIES (632,467) (1,042,826)
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 300,000 1,267,500
Proceeds from exercise of stock options 19,185 40,000
Proceeds from note payable 25,000
Repayment of convertible note payable (260,000)
Proceeds from convertible notes payable 192,000 260,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 536,185 1,307,500
NET (DECREASE) INCREASE IN CASH (96,282) 452,075
CASH, beginning of period 128,567 46,448
CASH, end of period 32,285 498,523
Cash paid for:    
Interest 361 6,696
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 114,460 18,333
Common stock issued for accrued compensation 392,577
Common stock issued for debt and accrued interest 105,833
Common stock issued for accrued settlement $ 114,915