Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net loss $ (5,581,247) $ (2,648,744)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 14,210 5,005
Loss on disposal of fixed assets 4,087
Amortization of debt discounts 125,000
Stock-based compensation 3,009,000 15,000
Amortization of options issued for services 1,549,199 649,255
Decrease (increase) in assets:    
Inventory (148,458) (24,978)
Other current assets 55,049 (110,741)
Right-of-use assets 56,569 (258,754)
Security deposits 1,129 (69,542)
Increase (decrease) in liabilities:    
Accounts payable 304,337 53,935
Accrued expenses 31,501 66,079
Lease liability (52,513) 260,919
Net cash used in operating activities (761,224) (1,933,479)
Cash flows from investing activities    
Purchase of fixed assets (2,213) (366,585)
Net cash used in investing activities (2,213) (366,585)
Cash flows from financing activities    
Proceeds from convertible note payable 500,000
Repayment of advances from shareholders (207,000)
Repayment of notes payable (20,000)
Proceeds from notes payable 231,274
Proceeds from subscriptions receivable 602
Proceeds from sale of preferred and common stock 400,000 1,950,000
Net cash provided by financing activities 611,274 2,243,602
Effect of exchange rate changes on cash (28,203) 143,001
Net increase (decrease) in cash (180,366) 86,539
Cash - beginning 282,380 125,846
Cash - ending 102,014 212,385
Supplemental disclosures:    
Interest paid 14,965
Income taxes paid
Non-cash investing and financing transactions:    
Fair value of net assets acquired in merger 9,306
Value of shares issued for conversion of debt 501,397
Beneficial conversion feature $ 125,000