Cash Flow

v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (6,048,321) $ (6,584,378)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation and amortization 29,413 7,353
Amortization of discount on royalty obligation 358,882
Bad debt expense 2,400 24,750
Interest expense paid with common stock 21,000
Amortization of debt discount 783,650 1,530,470
Amortization of right-of-use asset 67,091
Impairment of licensing agreement 250,000
Loss on sale of fixed assets 1,902
Stock based compensation 1,965,703 2,807,157
Common stock issued with loan extension 12,000
Gain on settlement of debt (847)
Changes in operating assets and liabilities:    
Accounts receivable 4,850 (2,800)
Other receivable (186,668)
Prepaid expenses (181,825) (18,248)
Accounts payable and accrued expenses 473,490 385,616
deposits (28,514)
Lease liabilities (21,420)
Settlement payable (15,000)
Deferred revenue (178,760) (221,696)
Net cash used in operating activities (2,937,127) (1,825,623)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of patent (15,200)
Purchase of intellectual property (10,000)
Purchase of equipment (122,593) (30,747)
Proceeds from sale of property and equipment 800
Net cash used in investing activities (121,793) (55,947)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 100,000 1,400,000
Proceeds from common stock subscription and royalty agreement 6,000,000
Proceeds from notes payable 750,000
Repayment of notes payable (675,000)
Net cash provided by financing activities 5,425,000 2,150,000
Net increase in cash 2,366,080 268,430
Supplemental disclosures of cash flow information:    
Interest paid 61,397
Taxes paid
Non cash financing activities:    
Record right to use assets per ASC 842, net of deferred rent 525,798
Record lease liability per ASC 842 526,559
Common stock issued in connection with conversion of notes payable 4,160,000  
Common stock issued in connection with issuance of notes payable 61,750
Common stock issued to acquire intellectual property 226,000
Fair value of warrants issued in connection with notes payable 58,411
Reclassify fair value of warrant liability upon adoption of ASU 2017-11 175,975
Common stock issued to settle outstanding accounts payable $ 29,653

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