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 $ (1,040,217) $ (1,187,916)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 9,884 5,912
Amortization of stock-based debt discounts 79,921
Stock-based compensation 422,000
Amortization of options issued for services 428,090 141,278
Decrease (increase) in assets:    
Accounts receivable (10,861)
Inventory (62,857) (94,217)
Other current assets 23,131 118,355
Right-of-use assets 11,225 58,891
Security deposits (2,251) 2,351
Increase (decrease) in liabilities:    
Accounts payable (31,006) 256,515
Accrued expenses (160,133) 9,962
Lease liability (10,964) (57,157)
Net cash used in operating activities (766,038) (324,026)
Cash flows from investing activities    
Purchase of fixed assets (157,988) (2,213)
Net cash used in investing activities (157,988) (2,213)
Cash flows from financing activities    
Repayment of convertible note payable (26,000)
Proceeds from notes payable 268,250 86,000
Proceeds from sale of preferred and common stock 1,527,500
Net cash provided by financing activities 1,769,750 86,000
Effect of exchange rate changes on cash 360 (21,359)
Net increase (decrease) in cash 846,084 (261,598)
Cash - beginning 28,920 282,380
Cash - ending 875,004 20,782
Supplemental disclosures:    
Interest paid 11,363 394
Income taxes paid
Non-cash investing and financing transactions:    
Fair value of common shares issued for conversion of debt 708,250
Value of commitment shares issued as a debt discount 268,250
Dividends payable $ 22,227