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 $ (1,342,722) $ (2,487,374)
Adjustments to reconcile net loss to net cash used in operating activities:    
Lease right-of-use asset 105,184 97,630
Depreciation 55,774 4,409
Amortization of debt discount 186,237
Gain on extinguishment of debt (980)
Impairment of fixed assets 1,478
Deemed dividend 292,150
Stock-based compensation 1,119,336
Changes in operating assets and liabilities:    
Prepaid expenses (33,252) 28,574
Inventory 15,639 (111,859)
Accounts receivable (2,015)
Other current assets 47,888 (167,971)
Accounts payable and accrued expenses 33,339 (6,734)
Lease liability (107,487)
Net cash used in operating activities (1,040,380) (1,232,376)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (59,377) (406,294)
Deposits on machinery and equipment (22,500)
Net cash used in investing activities (59,377) (428,794)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 616,667 2,262,749
Repayment of convertible notes payable and convertible notes payable related party (348,000) (20,000)
Proceeds from notes payable and notes payable related party 266,727 274,070
Proceeds from convertible notes payable and convertible notes payable related party 585,000
Repayment of notes payable and notes payable related party (33,306) (50,000)
Net cash provided by financing activities 1,087,088 2,466,819
NET (DECREASE) INCREASE IN CASH (12,669) 805,649
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 129,152 121,831
CASH AND CASH EQUIVALENTS AT END OF PERIOD 116,483 927,480
Supplemental cash flow information:    
Cash paid for interest expense 34,747 10,180
Supplemental disclosure of non cash investing and financing activities:    
Return of loan commitment shares (130,000)
Conversion of notes payable into common stock 509,178
Recording of debt discount on convertible notes 685,000
Conversion of convertible notes payable into common stock 80,057
Common shares issued to acquire interest in joint venture $ 502,500

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