Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,100,148) $ (4,021,701)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 8,487 12,872
Amortization of debt discount to interest expense 305,438 14,142
Accretion of preferred shares stated value to interest expense 40,217
Stock-based compensation 670,202 2,479,173
Stock-based professional fees 45,000 235,042
Interest expense related to put premium on convertible debt 47,870 57,423
Derivative expense 744,028
Non-cash gain on debt extinguishment (110,408)
Non-cash fees upon conversion 1,750
Lease costs 267
Change in operating assets and liabilities:    
Accounts receivable 122,966 2,945
Inventory (160,108) (10,378)
Prepaid expenses and other assets 6,972 8,878
Accounts payable 211,741 189,861
Accrued expenses 78,045 28,371
Deferred revenue 2,275
Accrued compensation 434,260 370,905
NET CASH USED IN OPERATING ACTIVITIES (651,146) (632,467)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of stock 441,000 300,000
Proceeds from sale of series A preferred stock 120,000
Proceeds from exercise of stock options 19,185
Proceeds from note payable 156,200 25,000
Proceeds from convertible notes payable 100,000 192,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 817,200 536,185
NET INCREASE (DECREASE) IN CASH 166,054 (96,282)
CASH, beginning of period 77,211 128,567
CASH, end of period 243,265 32,285
Cash paid for:    
Interest 273 361
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 accouts payable 6,058
Common stock issued for conversion of debt and accrued interest 102,335
Common stock issued for conversion of Series A preferred shares and related dividends 162,792
Reclassification of put premium to equity 37,438
Increase in debt discount and derivative liability 85,502
Increase in debt discount and paid-n capital for warrants $ 14,498