Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (4,863,973) $ (1,508,288)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense 2,472 4,723
Amortization of debt discount to interest expense 148,917
Accretion of preferred shares stated value to interest expense 27,967
Stock-based compensation 3,902,480 361,380
Stock-based professional fees 90,317 15,000
Bad debt expense 35,000
Interest expense related to put premium on convertible debt 33,325
Derivative expense 378,920
Lease costs (266) 134
Change in operating assets and liabilities:
Accounts receivable (22,359) 116,008
Inventory (252) 359
Prepaid expenses and other assets 3,862 (1,515)
Due from related party (6,826)
Accounts payable 127,443 31,113
Accrued expenses 17,368 29,609
Accrued compensation 302,001 61,076
NET CASH USED IN OPERATING ACTIVITIES (412,733) (301,272)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock 280,000
Proceeds from sale of series A preferred stock 80,000
Proceeds from sale of series C preferred stock 250,000
Proceeds from note payable 50,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 250,000 410,000
NET INCREASE (DECREASE) IN CASH (162,733) 108,728
CASH, beginning of period 323,407 77,211
CASH, end of period 160,674 185,939
Cash paid for:
Interest 2,384
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued as prepaid for services 79,800 50,000
Common stock issued for accrued interest 12,720
Common stock issued for accrued compensation 40,626
Series B preferred stock issued for accrued compensation 295,000
Common stock issued for accounts payable 6,058
Preferred stock dividend accrued 10,338
Deemed dividend related to beneficial conversion feature of Series C preferred shares $ 2,845,238
Increase in debt discount and derivative liability 41,324
Increase in debt discount and paid-in capital for warrants $ 8,676