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 ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,619,752) $ (5,823,366)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 11,141 19,208
Amortization of debt discount to interest expense 424,001 49,042
Accretion of preferred shares stated value to interest expense 52,400
Stock-based compensation 942,850 3,392,522
Stock-based professional fees 69,917 292,785
Bad debt expense 19,400
Interest expense related to put premium on convertible debt 47,405 57,423
Derivative expense 90,623 381,005
Non-cash gain on debt extinguishment (877,823) (31,009)
Non-cash fees upon conversion 2,500
Lease costs 401
Change in operating assets and liabilities:    
Accounts receivable 60,079 45,096
Inventory (27,985) (6,928)
Prepaid expenses and other assets 8,773 11,164
Accounts payable 55,721 161,330
Accrued expenses 88,771 51,097
Accrued compensation 518,736 490,696
NET CASH USED IN OPERATING ACTIVITIES (1,132,842) (909,935)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 721,000 630,000
Proceeds from sale of series A preferred stock 120,000
Redemption of series A preferred stock (104,762)
Proceeds from sale of series C preferred stock 630,000
Proceeds from exercise of stock options 19,185
Proceeds from note payable 156,200 25,000
Repayment of note payable (12,500)
Repayment of convertible note payable (393,215) (238,080)
Proceeds from convertible notes payable 100,000 459,250
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,229,223 882,855
NET INCREASE (DECREASE) IN CASH 96,381 (27,080)
CASH, beginning of period 77,211 128,567
CASH, end of period 173,592 101,487
Cash paid for:    
Interest 130,303 8,018
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued as prepaid for services 56,500 161,460
Common stock issued for accrued compensation 16,250 274,000
Common stock issued for accounts payable 6,058
Common stock issued for conversion of debt and accrued interest 188,529 12,000
Common stock issued for conversion of Series A preferred shares and related dividends 215,424
Preferred stock dividend accrued 2,795
Reclassification of put premium to equity 49,543
Increase in debt discount and derivative liability 85,502 222,720
Increase in debt discount and paid-n capital for warrants $ 14,498 $ 44,530