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
Operating activities:    
Net loss $ (395,584) $ (17,314,504) [1]
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization expense 651,247 650,315
Amortization of discount on Series C Preferred stock liability 248 196,269
Non-cash increase to convertible notes principal (included in interest expense) 452,095
Non-cash interest and fees 1,032,358 2,654,071
Stock compensation expense 456,519 194,652
Amortization of note discount and original issue discount 225,171 2,044,940
Change in fair value of derivative liability (5,607,213) 7,488,690 [1]
Loss (gain) on extinguishment of debt 555,430 (73,503) [1]
Changes in assets and liabilities:    
Accounts receivable 21,800 (19,397)
Prepaid expenses and other current assets (10,905) (20,920)
Accounts payable 94,202 442,082
Accrued interest 830,298 1,030,682
Deferred compensation 952,744 185,616
Net cash used in operating activities (741,590) (2,541,007)
Investing activities:    
Acquisition of property and equipment (2,594)
Net cash used in investing activities (2,594)
Financing activities:    
Proceeds from the issuance of notes payable 608,117 1,995,000
Repayments on former related party advances (22,000) (105,000)
Proceeds from issuance of common stock 100,000 168,343
Payment on notes payable (130,000)
Proceeds from issuance of preferred shares 50,000 255,000
Net cash provided by financing activities 736,117 2,183,343
Net decrease in cash (5,473) (360,258)
Cash, beginning of year 18,893 379,151
Cash, end of year 13,420 18,893
Supplemental disclosure of cash flow information:    
Cash paid for interest 25,747 17,000
Cash paid for income taxes
Cash paid for Preferred C dividends 115,115
Non-Cash Investing and Financing Activities:    
Conversion of notes payable and accrued interest to common stock 1,493,413 3,645,956
Conversion of Preferred C stock to common stock 1,400,934
Value of derivative liability from transfer to equity upon conversion of notes payable and accrued interest 1,879,398 3,960,864
Exchange of note and accrued interest to new convertible note 316,494
Issuance of common stock to Preferred C Stock inducement 8,152
Conversion of notes payable to redeemable preferred stock $ 94,000
[1] The consolidated financial statements have been retroactively restated to reflect the 1,000-for-1-reverse stock split that occurred on December 20, 2019.