v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (609,506) $ (1,040,217)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 12,485 9,884
Gain on early extinguishment of debt (121,372)
Amortization of debt discounts 142,849 79,921
Amortization of options issued for services 41,114 428,090
Decrease (increase) in assets:    
Accounts receivable (9,469) (10,861)
Inventory (94,163) (62,857)
Other current assets 91,019 23,131
Right-of-use assets 33,430 11,225
Security deposits (291,679) (2,251)
Increase (decrease) in liabilities:    
Accounts payable 93,596 (31,006)
Accrued expenses 89,690 (160,133)
Deferred revenues 908
Lease liability (26,497) (10,964)
Net cash used in operating activities (647,595) (766,038)
Cash flows from investing activities    
Purchase of fixed assets (3,482) (157,988)
Net cash used in investing activities (3,482) (157,988)
Cash flows from financing activities    
Repayment of convertible note payable (26,000)
Proceeds from notes payable 600,000 268,250
Proceeds from sale of preferred and common stock 1,527,500
Net cash provided by financing activities 600,000 1,769,750
Effect of exchange rate changes on cash 16,804 360
Net increase (decrease) in cash (34,273) 846,084
Cash - beginning 119,678 28,920
Cash - ending 85,405 875,004
Supplemental disclosures:    
Interest paid 15,694 11,363
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 $ 10,258 $ 22,227

Source