v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,055,173) $ (2,231,654)
Adjustments to reconcile net loss to net cash used in operating activities:    
Right of use asset 13,593
Common stock issued for debt extension 28,490
Depreciation and amortization 23,590 23,499
Accretion of interest and amortization of debt discount 103,933 459,232
Inventory reserve recovery (19,950)
Loss/(gain) on extinguishment of debt 40,810 (4,285)
Stock-based compensation expense 245,392 86,020
Shares issued for services 168,000
Shares issued with debt 7,800
Impairment loss on investment 4,730
Changes in operating assets and liabilities:    
Accounts receivable 31,668 (115,736)
Inventories 12,346 (14,795)
Prepaid expenses and other assets (12,606) 22,886
Accounts payable (184,438) 51,823
Accrued employee compensation (61,952) (15,668)
Operating lease liability (13,593)
Deferred revenue and other accrued expenses 70,506 440,096
Net cash used in operating activities (1,617,924) (1,277,512)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property plant and equipment (12,615)
Net cash used in investing activities (12,615)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from revolving note payable 460,000
Net proceeds from preferred stock 1,260,000
Net proceeds from convertible debt 1,490,368 819,350
Net proceeds from non-convertible debt - third party 644,000 298,600
Net proceeds from non-convertible debt - related party 50,000
Payments on convertible debt (1,040,185) (102,500)
Payments on non-convertible debt (557,048) (247,809)
Net cash provided by financing activities 1,797,135 1,277,641
NET INCREASE IN CASH 166,596 129
CASH AT BEGINNING OF YEAR 103,118 81,033
CASH AT END OF PERIOD 269,714 81,162
SUPPLEMENTAL INFORMATION    
Interest paid in cash 299,192 120,970
NON CASH TRANSACTIONS:    
Common stock issued in lieu of cash for interest 80,755
Common stock issued with debt 50,733 51,463
Discount from warrants issued with convertible debt 118,416
Discount from one-time interest 72,500
Preferred stock dividend 355,610
Deemed dividend-beneficial conversion feature $ 1,060,199

Source