Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (1,513,374) $ (2,295,139)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 25,578 34,540
Loss on disposal of fixed assets 9,041
Gain on early extinguishment of lease (4,397) (20,148)
Gain on early extinguishment of debt (121,372)
Amortization of debt discounts 26,233 412,673
Series A preferred stock issued for services 90,000
Common stock issued for services 173,850 339,133
Stock options issued for services 121,052 123,440
Decrease (increase) in assets:    
Accounts receivable (133) (11,216)
Inventory (258,583) (120,625)
Other current assets 20,219 109,578
Other assets (33,666) (33,327)
Right-of-use assets 34,391 84,667
Security deposits (194,020)
Increase (decrease) in liabilities:    
Accounts payable 17,774 259,049
Accrued expenses 290,021 357,650
Deferred revenues (263) 5,176
Lease liability (31,940) (64,067)
Net cash used in operating activities (1,043,238) (1,124,967)
Cash flows from investing activities    
Proceeds received on sale of fixed assets 6,350
Purchase of fixed assets (5,046) (43,201)
Net cash used in investing activities (5,046) (36,851)
Cash flows from financing activities    
Proceeds received on convertible note payable 750,000
Repayment of convertible note payable (750,000)
Proceeds from notes payable, related parties 62,000 99,500
Proceeds from notes payable 262,500 868,081
Proceeds from sale of preferred and common stock 550,000 150,000
Net cash provided by financing activities 874,500 1,117,581
Effect of exchange rate changes on cash 172,920 (6,820)
Net increase (decrease) in cash (864) (51,057)
Cash - beginning 11,016 119,678
Cash - ending 10,152 68,621
Supplemental disclosures:    
Interest paid 40,693 79,269
Income taxes paid
Non-cash investing and financing transactions:    
Dividends payable 43,808 28,971
Initial recognition of right-of-use assets and lease liabilities 1,535,706
Deposit on equipment settled with note payable 35,000
Value of debt discounts attributable to commitment shares $ 42,175