Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,197,829) $ (951,660)
Change in net loss to net cash used in operating activities:    
Depreciation and amortization expense 176 341
Amortization of debt discount and non-cash interest expense 362,710 431,874
Change in fair value of derivative liabilities 1,911,129 47,219
Loss on debt extinguishment 91,735
Fair value of stock options vested 5,914
Stock-based compensation 89,130 10,002
Changes in operating assets and liabilities:    
Accounts receivable 1,460 (1,151)
Inventory (353) (371)
Prepaid expenses and other current assets 54,071 11,308
Accounts payable and accrued expenses 35,250 196,513
Accounts payable - related party 75,000 (526)
Other liabilities (1,782)
Operating lease liabilities, net (266)
NET CASH USED IN OPERATING ACTIVITIES (577,787) (252,319)
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible notes payable 500,000  
Proceeds from note payable   20,000
Repayment of convertible notes payable (100,000)  
NET CASH PROVIDED BY FINANCING ACTIVITIES 400,000 20,000
Effect of exchange rate changes on cash 115 (1,170)
NET CHANGE IN CASH (177,672) (233,489)
CASH AT BEGINNING OF THE PERIOD 272,856 261,436
CASH AT END OF THE PERIOD 95,184 27,947
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 2,250
Cash paid for taxes
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Debt discount and derivative liability associated with convertible notes payable   $ 176,274