Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (1,063,068) $ (1,300,996)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 16,304 24,657
Gain on early extinguishment of debt (4,397) (121,372)
Amortization of debt discounts 2,035 300,600
Series A preferred stock issued for services 45,000
Common stock issued for services 89,850
Stock options issued for services 73,338 82,260
Decrease (increase) in assets:    
Accounts receivable 562 (6,873)
Inventory (249,212) (117,127)
Other current assets (76,171) 74,836
Other assets (26,570)
Right-of-use assets 34,391 52,488
Security deposits (58) (276,067)
Increase (decrease) in liabilities:    
Accounts payable 20,600 195,004
Accrued expenses 327,053 222,497
Deferred revenues (642) 3,346
Lease liability (31,940) (38,725)
Net cash used in operating activities (842,925) (905,472)
Cash flows from investing activities    
Purchase of fixed assets (5,046) (43,201)
Net cash used in investing activities (5,046) (43,201)
Cash flows from financing activities    
Proceeds from notes payable, related parties 40,000
Proceeds from notes payable 262,500 839,320
Proceeds from sale of preferred and common stock 550,000
Net cash provided by financing activities 812,500 879,320
Effect of exchange rate changes on cash 199,690 4,472
Net increase (decrease) in cash 164,219 (64,881)
Cash - beginning 11,016 119,678
Cash - ending 175,235 54,797
Supplemental disclosures:    
Interest paid 35,550 27,932
Income taxes paid
Non-cash investing and financing transactions:    
Dividends payable 28,725 19,105
Initial recognition of right-of-use assets and lease liabilities 1,535,706
Value of debt discounts attributable to commitment shares $ 42,175