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 ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,953,885) $ (2,055,173)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash lease expense 17,408 13,593
Common stock issued for interest and extension fees 60,560
Depreciation and amortization 45,000 23,590
Accretion of interest and amortization of debt discount 878,242 103,933
Loss on extinguishment of accrued liabilities and debt 1,136,367 40,810
Stock-based compensation expense 241,769 245,392
Shares issued for services 168,000
Gain on investment in equity securities (149,371)
Changes in operating assets and liabilities:    
Accounts receivable 108,472 31,668
Inventories (38,074) 12,346
Prepaid expenses and other assets 9,699 (12,606)
Accounts payable 54,463 (184,438)
Accrued employee compensation (35,885) (61,952)
Operating lease liability (17,408) (13,593)
Deferred revenue and other accrued expenses 779,371 70,506
Net cash used in operating activities (1,364,639) (1,617,924)
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 preferred stock 1,260,000
Net proceeds from convertible debt 1,865,500 1,490,368
Net proceeds from non-convertible debt - third party 463,500 644,000
Net proceeds from non-convertible debt - related party 8,500
Principal payments on convertible debt (520,500) (1,040,185)
Principal payments on non-convertible debt (450,167) (557,048)
Net cash provided by financing activities 1,366,833 1,797,135
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,194 166,596
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 29,625 103,118
CASH AND CASH EQUIVALENTS AT END OF PERIOD 31,819 269,714
SUPPLEMENTAL INFORMATION    
Interest paid in cash 219,224 299,192
NON CASH TRANSACTIONS:    
Interest added to principal 132,314
Common stock issued to settle accrued liabilities 127,855
Common stock issued on debt settlement 25,000
Common stock issued with debt 50,733
Discount from warrants issued with debt 1,205,010
Discount due to beneficial conversion feature 404,608
Preferred stock dividend 324,586 355,610
Deemed dividend-beneficial conversion feature $ 1,060,199