Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (3,953,321) $ (3,059,477)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 34,266 42,287
Loss on disposal of fixed assets 3,290 9,041
Gain on early extinguishment of lease (4,397) (20,148)
Gain on early extinguishment of debt (121,372)
Loss on deconsolidation of foreign subsidiaries 1,564,823
Amortization of debt discounts 55,539 412,673
Series A preferred stock issued for services 90,000
Common stock issued for services 263,440 339,133
Stock options issued for services 151,749 164,620
Decrease (increase) in assets:    
Accounts receivable 12,355 7,525
Inventory 8,362 144,442
Other current assets 30,101 112,893
Other assets (46,615) (32,733)
Right-of-use assets 34,391 118,347
Security deposits (193,820)
Increase (decrease) in liabilities:    
Accounts payable 132,138 317,921
Accrued expenses 473,497 492,794
Deferred revenues (11,808) (18,356)
Lease liability (31,940) (96,253)
Net cash used in operating activities (1,194,130) (1,380,483)
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 147,000 99,500
Proceeds from notes payable 262,500 868,081
Proceeds from sale of preferred and common stock 650,000 350,000
Net cash provided by financing activities 1,059,500 1,317,581
Effect of exchange rate changes on cash 131,046 (8,909)
Cash removed in deconsolidated foreign subsidiaries (1,659)
Net increase (decrease) in cash (10,290) (108,662)
Cash - beginning 11,016 119,678
Cash - ending 726 11,016
Supplemental disclosures:    
Interest paid 93,809 117,112
Income taxes paid
Non-cash investing and financing transactions:    
Dividends payable 58,891 38,923
Initial recognition of right-of-use assets and lease liabilities 1,962,998
Deposit on equipment settled with note payable 35,000
Accounts payable settled with exchange of equipment 9,158
Value of debt discounts attributable to commitment shares $ 42,175