Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (11,801,415) $ (7,978,844)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash lease expense 55,628 43,435
Common stock issued for interest and extension fees 242,350
Depreciation and amortization 103,424 68,849
Accretion of interest and amortization of debt discount 3,454,470 886,950
Issuance of shares for services rendered 245,000
Loss on extinguishment of accrued liabilities and debt 1,036,638 332,474
Stock-based compensation expense 373,652 722,576
Gain on investment in equity securities (486,723)
Common stock issued for services 87,963
Changes in operating assets and liabilities:    
Accounts receivable (101,057) 63,388
Inventories 101,511 51,593
Prepaid expenses and other assets 53,810 (177,066)
Accounts payable (109,445) 838,278
Accrued employee compensation (609) (63,434)
Operating lease liability (55,628) (43,435)
Deferred revenue and other accrued expenses 3,138,667 (9,109)
Net cash used in operating activities (3,906,764) (5,019,345)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Advance on loan receivable (801,250)
Purchases of property plant and equipment (1,663) (28,915)
Net cash used in investing activities (802,913) (28,915)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from Series AA Convertible Preferred Stock 3,185,100
Net proceeds from convertible debt 6,977,800 4,601,300
Net proceeds from non-convertible debt - third party 990,539 2,956,750
Net proceeds from non-convertible debt - related party 38,500 239,000
Payments on convertible debt (1,972,007) (3,705,485)
Payments on non-convertible debt - related party (15,000) (175,000)
Payments on non-convertible debt (1,245,028) (2,021,159)
Net cash provided by financing activities 4,774,804 5,080,506
NET INCREASE IN CASH AND CASH EQUIVALENTS 65,127 32,246
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 29,625 103,118
CASH AND CASH EQUIVALENTS AT END OF PERIOD 94,752 135,364
SUPPLEMENTAL INFORMATION    
Interest paid in cash 530,009 2,571,231
NON CASH TRANSACTIONS:    
Loan extension fees and interest added to principal 152,552 77,500
Conversion of debt for Series AA preferred stock 110,000
Common stock issued for debt settlement 374,550
Common stock issued to settle accrued liabilities 127,855
Common stock issued with debt 147,775 226,133
Discount from warrants issued with debt 4,261,055
Common stock issued in lieu of cash for dividend 221,374 190,123
Preferred stock dividends 1,118,526 1,268,593
Conversion of debt and interest into common stock 1,830,543 342,250
Conversion of preferred stock into common stock 160
Discount due to beneficial conversion feature 1,353,694 451,665
Deemed dividend-beneficial conversion feature $ 2,625,710