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
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,055,507) $ (5,093,037)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 34,519 39,569
Amortization of debt discount 1,841,388 417,001
Stock based compensation 632,500 708,588
Bad debt expense on note receivable and accrued interest 69,934
Loss on abandonment of patents 98,056 36,205
Loss on abandonment of pending stock issuance 157,811
Change in fair value of derivative liability (222,707) 356,314
Gain on modification of debt instruments (394,924)
Changes in assets and liabilities:    
Accounts receivable 100,998 (138,258)
Inventories 183,512 302,549
Deposits and other assets (997) 117,000
Prepaid expenses (81,956) (157,010)
Accrued payroll and payroll related expenses 675,005 259,365
Accounts payable and accrued expenses 179,785 (362,123)
Accrued separation costs (9,000) (9,000)
Net cash used in operating activities (1,791,583) (3,522,837)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase in intangible assets (14,613) (61,613)
Net cash used in investing activities (14,613) (61,613)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of related party notes payable 219,000 1,575,000
Proceeds from the issuance of notes payable 236,300
Proceeds from the issuance of related party convertible notes payable 340,000 1,050,000
Proceeds from the issuance of convertible notes payable 1,720,000 490,000
Repayment of principal on related party notes payable (25,000)
Repayment of principal on notes payable (25,000)
Repayment of principal on convertible notes payable (529,228)
Payment of debt issuance costs (40,000)
Payment of extension costs on convertible notes payable (90,000)
Proceeds from the issuance of common stock 245,000
Net cash provided by financing activities 1,806,072 3,360,000
NET DECREASE IN CASH (124) (224,450)
BEGINNING OF THE YEAR 19,303 243,753
END OF THE YEAR 19,179 19,303
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 416,015 137,688
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Settlement of receivables with payables 34,836 89,572
Right to use assets funded through leases 11,526 12,488
Retirement of issued stock 28 2
Discounts recognized on notes payable at issuance 1,146,881 946,991
Extinguishment of derivative liability upon repayment of convertible notes 458,977  
Revaluation of notes payable discounts due to modification of conversion price 271,998
Conversion of convertible note into common stock $ 90,000