Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (10,191,450) $ (12,145,382)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount 1,993,373 1,658,395
Depreciation and amortization 101,334 5,933
Bad debt expense 34,359
Impairment loss on equity investment  
Loss on equity investment 735,178
Loss (Gain) on change in fair value of derivative liability (3,852) 4,698,072
Interest expense recognized for the excess of fair value of derivative liability over net book value of notes payable at issuance 1,900,836 792,321
Loss on share inducement and settlement of warrant liability 163,885
Stock-based compensation 1,146,933 3,014,888
Unrealized (Gain) Loss on trading securities 39,063 (248,204)
Realized Loss on trading securities   2,603
Gain on Settlement of joint venture (77,624)
Loss on settlement of liabilities 407,635
Changes in operating assets and liabilities:    
Accounts receivable (210,132) 9,677
Inventories (140,900) 45,692
Prepaid expenses and other current assets (314,056) (100,870)
Notes receivable   75,000
Accounts payable 382,355 (45,706)
Accrued expenses and other current liabilities 135,216 427,488
Right-of-use assets 7,858 14,243
Right-of-use liabilities (7,858) (14,361)
Net cash provided by (used in) operating activities (3,984,108) (1,723,950)
Cash flows from investing activities:    
Purchases of property and equipment (126,305) (6,016)
Payment to establish joint venture (125,356)
Proceeds from sale of investments 190,401 125,000
Investment in joint venture  
Acquisition of business (155,550)
Net cash provided by (used in) investing activities (216,810) 118,984
Cash flows from financing activities:    
Proceeds from issuance of notes payable 3,295,863 1,017,664
Proceeds from PPP loan payable 35,500
Proceeds from sales of trading securities 10,855
Repayments of notes payable (1,235,300)
Repayments to related parties (20,000) (75,000)
Proceeds from sale of common stock 2,201,601 478,685
Net cash provided by (used in) financing activities 4,242,164 1,467,704
Foreign exchange impact on cash (11,725)
Net increase (decrease) in cash 29,521 (137,262)
Cash at beginning of period 74,503 211,765
Cash at end of period 104,024 74,503
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes
Non cash financing activities:    
Common stock issued in settlement of convertible notes payable 2,309,874 2,635,647
Common stock issued in settlement of related party notes payable and accrued compensation   50,613
Reclassification of derivative liabilities to additional paid-in capital 6,483,762 3,886,971
Gains on settlement of JV investment 386,930
Common stock issued for investment 1,300,000
Common stock issued to settle liabilities 8,623
Common stock issued for acquisition of business 1,617,501
Common shares issued in settlement of legal case $ 1,283,632