Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (3,059,477) $ (3,784,562)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debts expense 2,062
Depreciation and amortization expense 42,287 40,321
Loss on disposal of fixed assets 9,041 71,487
Gain on early extinguishment of lease (20,148)
Gain on forgiveness of PPP loan (121,372)
Amortization of debt discounts 412,673 456,656
Stock-based compensation 339,133 133,755
Amortization of options issued for services 164,620 1,000,834
Decrease (increase) in assets:    
Accounts receivable 7,525 (16,306)
Inventory 144,442 68,557
Other current assets 112,893 (187,119)
Other assets (32,733)
Right-of-use assets 118,347 195,029
Security deposits (193,820) (1,190,874)
Increase (decrease) in liabilities:    
Accounts payable 317,921 (254,408)
Accrued expenses 492,794 (92,773)
Deferred revenues (18,356) 30,164
Lease liability (96,253) (201,525)
Net cash used in operating activities (1,380,483) (3,728,702)
Cash flows from investing activities    
Proceeds received on disposal of fixed assets 6,350 5,125
Purchase of fixed assets (43,201) (393,126)
Net cash used in investing activities (36,851) (388,001)
Cash flows from financing activities    
Proceeds from convertible note payable 750,000
Repayment of convertible note payable (750,000)
Proceeds from notes payable 868,081 1,147,000
Repayment of notes payable (505,567)
Proceeds from notes payable, related parties 99,500
Proceeds from sale of preferred and common stock 350,000 3,577,505
Net cash provided by financing activities 1,317,581 4,218,938
Effect of exchange rate changes on cash (8,909) (11,477)
Net increase (decrease) in cash (108,662) 90,758
Cash - beginning 119,678 28,920
Cash - ending 11,016 119,678
Supplemental disclosures:    
Interest paid 117,112 48,252
Income taxes paid
Non-cash investing and financing transactions:    
Initial recognition of right-of-use assets and lease liabilities 1,962,998
Cost of preferred shares exchanged for conversion to common stock 850,000
Value of commitment shares issued as a debt discount 418,312
Value of warrants issued as a debt discount 358,017
Dividends payable 38,923 61,684
Par value of cashless exercise of common stock options $ 60