Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements Of Cash Flows

v3.21.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (12,145,382) $ (20,180,318)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount 1,658,395 2,906,843
Depreciation and amortization 5,933 7,299
Bad debt expense 0 15,000
Imputed interest on stock-settled debt 0 147,115
Impairment Loss on equity method investee 0 286,127
Impairment loss on joint venture   720,921
(Gain) Loss on change in fair value of derivative liability 4,698,072 2,123,570
Interest expense recognized for the excess of fair value of derivative liability over net book value of notes payable at issuance 792,321 1,374,078
Loss on share inducement and settlement of warrant liability 163,885 0
Stock-based compensation 3,014,888 3,222,092
Unrealized (Gain) Loss on trading securities (248,204) 677,584
Realized Loss on trading securities 2,603 105,013
(Gain) Loss on settlement of debt (77,624) 3,770,974
Changes in operating assets and liabilities:    
Accounts receivable 9,677 13,059
Inventories 45,692 37,814
Prepaid expenses and other current assets (100,870) 57,799
Notes receivable 75,000 0
Accounts payable (45,706) 171,629
Accrued expenses and other current liabilities 353,149 (92,741)
Right-of-use assets 14,243 (22,101)
Right-of-use liabilities (14,361) 22,219
Accrued compensation 74,339 322,068
Contingency Liability 0 1,497,674
Net cash provided by (used in) operating activities (1,723,950) (2,816,282)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (6,016) (2,381)
Proceeds from disposition of investment 125,000 0
Investment in joint venture 0 (223,788)
Net cash provided by (used in) investing activities 118,984 (226,169)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of notes payable 1,017,664 2,802,500
Proceeds from PPP loan payable 35,500 0
Proceeds from issuance of notes payable   45,000
Repayments to related parties (75,000) (42,861)
Proceeds from sales of trading securities 10,855 0
Proceeds from sale of common stock 478,685 90,000
Net cash provided by (used in) financing activities 1,467,704 2,894,639
Net increase (decrease) in cash (137,262) (147,812)
Cash at beginning of period 211,765 359,577
Cash at end of period 74,503 211,765
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 0
Cash paid for taxes 0 0
Non cash transactions:    
Common stock issued in settlement of convertible notes payable and accrued interest 3,928,709 3,016,750
Common stock issued in settlement of convertible notes payable 50,000 0
Reclassification of derivative liabilities to additional paid-in capital 7,679,528 1,582,845
Investment in joint venture 0 2,650,000
Gain on settlement of JV investment 386,930 0
Common stock issued in settlement of accrued liabilities and accounts payable 762,723 0
Common shares issued in settlement of legal case $ 956,251 $ 0