Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,577,587) $ (3,953,885)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on loan forgiveness (367,039)
Change in operating lease right-of-use-asset 15,576 17,408
Common stock and warrants issued for interest and extension fees 2,622,078 60,560
Depreciation and amortization 27,190 45,000
Accretion of interest and amortization of debt discount 2,165,780 878,242
Loss on extinguishment of accrued liabilities and debt 635,000
Stock-based compensation expense 61,237 241,769
Loss (gain) on investment in equity securities 107,903 (149,371)
Common stock issued for services 238,512
Changes in operating assets and liabilities:    
Accounts receivable (373,268) 108,472
Inventories 33,402 (38,074)
Prepaid expenses and other assets 43,291 9,699
Accounts payable (60,613) 54,463
Accrued employee compensation 42,702 (35,885)
Operating lease liability (15,576) (17,408)
Deferred revenue and other accrued expenses 799,397 779,371
Net cash used in operating activities (1,237,015) (1,364,639)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property plant and equipment (3,962)
Net cash used in investing activities (3,962)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of Series AA Convertible Preferred Stock 100,000
Proceeds from stock option exercises 14,773
Net proceeds from convertible debt 730,000 1,865,500
Net proceeds from non-convertible debt - third party 854,538 463,500
Proceeds from non-convertible debt - related party 85,000 8,500
Payments on convertible debt (191,250) (520,500)
Payments on non-convertible debt - related party (70,000)
Payments on non-convertible debt (250,094) (450,167)
Net cash provided by financing activities 1,272,967 1,366,833
NET INCREASE IN CASH AND CASH EQUIVALENTS 31,990 2,194
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,540 29,625
CASH AND CASH EQUIVALENTS AT END OF PERIOD 50,530 31,819
SUPPLEMENTAL INFORMATION    
Interest paid in cash 37,375 219,224
NON CASH TRANSACTIONS:    
Interest added to principal 132,314
Common stock issued for debt settlement 25,000
Common stock issued to settle accrued liabilities 127,855
Discount from warrants issued with debt 162,654 1,205,010
Preferred stock dividends 403,215 324,586
Conversion of debt and interest into common stock 118,000
Discount due to beneficial conversion feature 53,777 404,608
Deemed dividend-beneficial conversion feature $ 57,884