Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss $ (1,700,342) $ (1,081,694) $ (2,703,210) $ (2,217,114)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     17,467 19,028  
Amortization of debt discount     1,185,108 9,459  
Stock based compensation 166,562 178,687 344,375 359,062  
Bad debt expense on note receivable and accrued interest     66,261  
Change in fair value of derivative liability (80,833) (17,385) (77,166) (17,385)  
Gain on modification of debt instruments (354,791)  
Changes in assets and liabilities:          
Accounts receivable     109,412 170,225  
Inventories     94,583 55,579  
Deposits and other assets     (997)  
Prepaid expenses     4,019 1,315  
Accrued payroll and payroll related expenses     262,112 9,072  
Accounts payable and accrued expenses     54,750 (452,689)  
Accrued separation costs     (4,500) (4,500)  
Net cash used in operating activities     (1,002,577) (2,067,948)  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Increase in intangible assets     (7,677) (14,354)  
Net cash used in investing activities     (7,677) (14,354)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from the issuances of related party notes payable     25,000 1,475,000  
Proceeds from the issuance of notes payable     211,300  
Proceeds from the issuances of convertible notes payable     1,225,000 150,000  
Repayment of principal on convertible notes payable     (400,000)  
Payment of debt issuance costs     (40,000)  
Proceeds from the issuance of common stock     245,000  
Net cash provided by financing activities     1,021,300 1,870,000  
NET INCREASE (DECREASE) IN CASH     11,046 (212,302)  
BEGINNING OF THE PERIOD     19,303 243,753 $ 243,753
END OF THE PERIOD 30,349 $ 31,451 30,349 31,451 $ 19,303
SUPPLEMENTAL DISCLOSURES:          
Cash paid for interest     203,861 42,045  
Cash paid for income taxes      
NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Settlement of receivables with payables     30,095 47,597  
Right to use assets funded through leases     5,764 26,298  
Retirement of issued stock     27  
Debt issuance costs withheld from proceeds     5,000  
Discounts recognized on notes payable at issuance     676,380 83,300  
Extinguishment of derivative liability upon repayment of convertible note $ 380,777   458,977  
Revaluation of notes payable discounts due to modification of conversion price     $ 214,498