Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,382,118) $ (1,002,868)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8,318 8,733
Amortization of debt discount 322,209 297,656
Stock based compensation 144,062 177,813
Loss on abandonment of patents 4,690
Change in fair value of derivative liability 176,998 3,667
Gain on modification of debt instruments (3,272) (354,791)
Changes in assets and liabilities:    
Accounts receivable (36,749) 85,385
Inventories 31,460 61,271
Deposits and other assets (997)
Prepaid expenses 78,424 12,841
Accrued payroll and payroll related expenses 102,561 101,412
Accounts payable and accrued expenses 219,311 43,288
Accrued separation costs (3,000) (2,250)
Net cash used in operating activities (337,106) (568,840)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase in intangible assets (822) (9,272)
Net cash used in investing activities (822) (9,272)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of notes payable 211,359
Proceeds from the issuance of related party convertible notes payable 250,000
Proceeds from the issuance of convertible notes payable 150,000 770,000
Repayment of principal on convertible notes payable (130,000) (150,000)
Payment of debt issuance costs (10,000)
Payment of extension costs on convertible notes payable (77,500)
Proceeds from the issuance of preferred stock 50,000
Payment of stock issuance costs (76,460)
Net cash provided by financing activities 377,399 610,000
NET INCREASE (DECREASE) IN CASH 39,471 31,888
CASH AT BEGINNING OF THE PERIOD 19,179 19,303
CASH AT END OF THE PERIOD 58,650 51,191
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 795 116,341
Cash paid for income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Settlement of receivables with payables 16,792
Right of use assets funded through leases 962 2,882
Discounts recognized on notes payable at issuance 110,450 765,732
Extinguishment of derivative liability upon repayment of convertible notes 78,200
Revaluation of notes payable discounts due to modification of conversion price 534,623
Stock issuance cost for warrants issued to placement agents $ 903