Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (16,005,543) $ (11,660,917)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash lease expense 76,586 59,799
Common stock issued for interest and extension fees 255,259
Depreciation and amortization 127,301 123,596
Inventory reserve 68,949
Accretion of discount on loan receivable (6,250)
Accretion of interest and amortization of debt discount 5,436,863 1,353,483
Gain on investment in equity securities (500,358)
Loss on extinguishment of accrued liabilities and debt 1,036,638 795,089
Stock-based compensation expense 488,792 1,117,277
Common stock issued for services 179,077 398,600
Changes in operating assets and liabilities:    
Accounts receivable 98,174 245,428
Inventories 24,949 78,814
Prepaid expenses and other assets (101,387) (42,815)
Accounts payable (43,819) 156,908
Accrued employee compensation (33,622) (5,732)
Operating lease liability (76,586) (59,799)
Deferred revenue and other accrued expenses 4,160,732 1,043,742
Net cash used in operating activities (4,883,194) (6,327,578)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Advance on loan receivable (795,000)
Purchases of property plant and equipment (1,663) (23,375)
Net cash used in investing activities (796,663) (23,375)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related party debt 283,700 259,500
Payment on related party debt (199,200) (193,000)
Net proceeds from convertible debt 8,296,800 6,585,300
Payments on convertible debt (2,857,007) (4,396,485)
Net proceeds from non-convertible debt 1,290,539 2,981,750
Payments on non-convertible debt (1,296,060) (2,234,704)
Net proceeds from the issuance of Series AA Convertible Preferred Stock 150,000 3,275,099
Net cash provided by financing activities 5,668,772 6,277,460
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (11,085) (73,493)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 29,625 103,118
CASH AND CASH EQUIVALENTS AT END OF YEAR 18,540 29,625
SUPPLEMENTAL INFORMATION    
Interest paid in cash 764,600 3,266,399
NON CASH TRANSACTIONS:    
Conversion of debt for Series AA preferred stock 110,000
Discount due to beneficial conversion feature 1,756,311 558,903
Discount from warrants issued with debt 4,863,959 208,714
Common stock issued in lieu of cash for dividend 299,709 205,100
Common stock issued with debt 214,419 239,875
Common stock issued to settle accrued liabilities 127,855
Common stock issued for debt settlement 374,550  
Conversion of preferred stock into common stock 160
Conversion of debt and interest into common stock 2,220,442 356,510
Preferred stock dividend 1,517,987 1,553,822
Deemed dividend-beneficial conversion feature 61,180 2,653,344
Loan extension fees and interest added to principal 152,552
Recognition of right of use asset and liability $ 221,432