v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss attributable to controlling interests $ (4,308,804) $ (5,909,949)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-controlling interest adjustment 540
Bad debt expense 79,569
Amortization of right of use asset 175,920
Depreciation 17,143 40,202
Amortization of debt discount (22,533)
Loss on extinguishment of debt 90,061
Loss on impairment of license 396,849
Impairment of fixed assets 1,478 395,742
Loss on inventory obsolescence 240,121
Loss on forfeiture of deposit 1,260,000
Non-cash interest charges (81,806)
Non-cash loan commitment fee 9,250
Deemed dividend (388,932)
Stock-based compensation 1,701,316 1,661,104
Amortization of license agreement 50,411
Changes in operating assets and liabilities:    
Prepaid expenses 56,537 (25,384)
Inventory (102,886) 83,559
Deposits
Accounts receivable 883 (80,452)
Other current assets (127,051)
Accounts payable and accrued expenses 32,084 318,967
Net cash used in operating activities (2,259,537) (1,398,660)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (766,918) (2,935)
Deposits on machinery and equipment 200,000 (400,000)
Net cash used in investing activities (566,918) (402,935)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of convertible notes payable and convertible notes payable related party (104,704) (6,476)
Proceeds from notes payable and notes payable related party 234,760 416,325
Proceeds from convertible notes payable and convertible notes payable related party 408,000
Repayment of notes payable and notes payable related party (97,108) (45,900)
Proceeds from sale of common stock 2,392,828 1,370,739
Net cash provided by financing activities 2,833,776 1,734,688
NET INCREASE (DECREASE) IN CASH 7,321 (66,907)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 121,831 188,738
CASH AND CASH EQUIVALENTS AT END OF PERIOD 129,152 121,831
Supplemental cash flow information:    
Cash paid for income taxes
Cash paid for interest expense 31,237 7,002
Supplemental disclosure of non cash investing and financing activities:    
Related party forgiveness recorded as additional paid-in capital 315,709
Conversion of notes payable into common stock 531,101 290,000
Common shares issued to aquire interest in joint venture 502,500
Exchange of notes payable and related interest for common stock 165,852
Common shares issued for loan commitment fees $ 137,900

Source