v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,522,667) $ (4,822,015)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash lease expense 35,927 28,053
Common stock issued for interest and extension fees 159,784
Depreciation and amortization 74,247 47,180
Accretion of interest and amortization of debt discount 1,750,911 290,040
Issuance of incentive shares and common stock warrants 168,000
Loss on extinguishment of accrued liabilities and debt 977,622 147,271
Stock-based compensation expense 307,110 607,574
Gain on investment in equity securities (346,262)
Common stock issued for services 87,963
Changes in operating assets and liabilities:    
Accounts receivable 108,096 64,217
Inventories 2,853 20,673
Prepaid expenses and other assets 20,944 43,077
Accounts payable (5,927) 152,275
Accrued employee compensation (58,775) (18,323)
Operating lease liability (35,927) (28,053)
Deferred revenue and other accrued expenses 2,643,607 (172)
Net cash used in operating activities (2,800,494) (3,300,203)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Advance on Loan receivable (531,250)
Purchases of property plant and equipment (1,663) (28,915)
Net cash used in investing activities (532,913) (28,915)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from Series AA Convertible Preferred Stock 2,292,300
Net proceeds from convertible debt 4,422,600 3,339,050
Net proceeds from non-convertible debt - third party 990,539 1,211,500
Net proceeds from non-convertible debt - related party 8,500 125,000
Payments on convertible debt (1,257,250) (2,533,985)
Payments on non-convertible debt - related party (125,000)
Payments on non-convertible debt (819,149) (964,932)
Net cash provided by financing activities 3,345,240 3,343,933
NET INCREASE IN CASH 11,833 14,815
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 29,625 103,118
CASH AND CASH EQUIVALENTS AT END OF PERIOD 41,458 117,933
SUPPLEMENTAL INFORMATION    
Interest paid in cash 419,817 1,162,557
NON CASH TRANSACTIONS:    
Interest added to principal 152,552
Common stock issued to settle accrued liabilities 127,855
Common stock issued with debt 167,359
Discount from warrants issued with debt 2,958,693
Common stock issued in lieu of cash for dividend 176,748 151,993
Preferred stock dividends 721,556 776,099
Conversion of debt and interest into common stock 1,317,649
Discount due to beneficial conversion feature 982,097
Deemed dividend-beneficial conversion feature $ 1,949,731

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