Cash Flow

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOW FROM OPERATING ACTIVITIES:    
Net loss $ (5,725,737) $ (3,224,902)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 35,168 106,718
Fair value of shares issued for services 1,314,758 180,916
Fair value of vested options 126,905 186,893
Fair value of vested restricted shares 297,791 761,686
Fair value of mezzanine equity Series B and Series C preferred shares issued for services 1,691,331
Fair value of shares issued to officer 514,754
Amortization of convertible note discount 54,595 380,000
Amortization of note payable discount 14,100
Amortization of right-of-use asset 40,964 84,095
Fees paid through conversion of convertible notes 54,400
Change in fair value of derivative (283,139)
Private placement costs 279,000
Gain on extinguishment of debt (286,000)
Changes in operating assets and liabilities:    
Accounts receivable 685 10,640
Accounts receivable, related party (198,800)
Allowance for doubtful accounts 49,700
Deferred expenses, related party 134,704
Inventories (58,861) (38,882)
Prepaid production costs (300,000) 7,500
Accounts payable and accrued liabilities (136,890) 72,387
Advances 200,000
Deferred revenue (15,632) (17,052)
Operating lease liabilities (39,493) (78,018)
Net cash used in operating activities (2,460,312) (1,343,404)
CASH FLOW FROM INVESTING ACTIVITIES:    
Purchase of equipment (26,672) (80,272)
Net cash used in investment activities (26,672) (80,272)
CASH FLOW FROM FINANCING ACTIVITIES:    
Proceeds from shares issued for cash 1,985,000 104,722
Proceeds from convertibles notes payable 975,000 563,000
Proceeds from notes payable 10,000 679,000
Principal payments of notes payable (211,459) (44,000)
Principal payments of convertible notes payable (282,000)
Net cash provided by financing activities 2,758,541 1,020,722
Increase (decrease) in cash 271,557 (402,954)
Cash and cash equivalents, beginning of period 6,270 433,099
Cash and cash equivalents, end of period 277,827 30,145
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 59,749 391,405
Non-cash investing and financing activities    
Adjustment for adoption of ASU 2020-06 503,053
Common shares issued for conversion of convertible notes 1,307,088
Derivative liabilities allocated to convertible note discount 153,000
Recognition of operating lease right-of-use asset and operating lease liabilities $ 431,402

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