Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net Income (Loss) $ 4,338,418 $ (2,406,225) [1]
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization expense 163,354 162,474 [1]
Fair value of equity issued for services 9,567 92,084 [1]
Loss (gain) on extinguishment of debt 609,275 (38,891) [1]
Amortization of note discount and original issue discount 19,639 671,929 [1]
Amortization of discount on Series C Preferred stock liability 124 46,119 [1]
Non-cash interest expense 524,742 563,267 [1]
Non-cash value of stock, options and warrants issued for services and notes 5,279 [1]
Change in fair value of derivative liability (6,461,402) 8,542 [1]
Changes in assets and liabilities:    
Accounts receivable [1]   (6,970)
Prepaid expenses and other current assets 6,260 [1]
Account payable (22,731) 41,497 [1]
Accrued interest 289,592 302,112 [1]
Deferred compensation 206,287 30,550 [1]
Net cash used in operating activities (297,215) (528,233) [1]
Investing activities:    
Net cash provided by (used in) investing activities [1]
Financing activities:    
Proceeds from the issuance of notes payable 236,500 320,000 [1]
Repayments on related-parties short-term advances (8,000) [1]
Repayments of convertible debt in cash (140,000) [1]
Proceeds from issuance of common stock and units 27,559 [1]
Proceeds from issuance of preferred stock 50,000 [1]
Net cash provided by financing activities 278,500 207,559 [1]
Net decrease in cash (18,715) (320,674) [1]
Cash, beginning of year 18,893 379,151 [1]
Cash, end of period 178 58,477 [1]
Supplemental disclosure of cash flow information:    
Cash paid for interest 39,504 [1]
Cash paid for income taxes
Non-Cash Investing and Financing Activities:    
Conversion of notes payable and accrued interest to common stock 1,050,404 919,618 [1]
Conversion of fixed rate notes to Preferred C Stock 64,000 [1]
Conversion of Preferred C Stock to common stock $ 1,247,734 [1]
[1] The condensed consolidated financial statements have been retroactively restated to reflect the 1,000-for-1-reverse stock split that occurred in December 20, 2019.