Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Sep. 30, 2019
Dec. 31, 2019
Cash Flows From Operating Activities:            
Net loss $ (2,822,084) $ (1,409,867) $ (4,505,778) $ (2,517,437) $ (4,543,205) $ (10,018,808)
Adjustments to reconcile net loss to cash used in operations:            
Depreciation     53,787 11,851    
Derivative (gain) loss     (356,468) 1,454,729    
Gain on extinguishment of debt, net     (39,142) 0    
Stock-based compensation     1,023,303 2,083,638    
Bad debt expense     51,470 0    
Impairment expense     57,871 0    
Inventory reserve     660,000 0    
Amortization of prepaid stock-based expenses     378,138 0    
Amortization of discount and debt issuance costs for convertible notes     579,115 339,806    
Amortization of intangible assets     490,417 299,355    
Amortization of operating lease right-of-use assets     80,116 0    
Non-cash interest expense     90,000 0    
Loss (gain) on settlement of debt     23,000 (3,007,629)    
(Increase) decrease in operating assets:            
Accounts receivable     (38,640) (69,914)    
Accounts receivable - related party     (88,800) (40,519)    
Inventory     337,281 (1,047,781)    
Advance to supplier - related party     0 (820,108)    
Prepaid expenses and other current assets - current     127,570 (289,227)    
Prepaid expenses and other current assets - long term     (9,589) 0    
Deposit     40,000 0    
Increase (decrease) in operating liabilities:            
Accounts payable     561,432 105,400    
Accounts payable - related party     0 6,762    
Accrued expenses     351,138 0    
Unearned revenues     (215,000) 0    
Interest payable     28,815 6,746    
Operating lease liabilities     (80,116) 0    
Net Cash Used In Operating Activities     (400,080) (3,484,328)    
Cash Flows From Investing Activities:            
Purchase of membership interest in subsidiary     0 (1,000,000)    
Purchase of property and equipment     0 (385,382)    
Net Cash Used In Investing Activities     0 (1,385,382)    
Cash Flows From Financing Activities:            
Advances from related party     97,000 30,000    
Repayments on related party advances     (12,500) 0    
Proceeds from sale of Common Stock     350,000 5,478,838    
Payments of principal on notes payable     0 (11,129)    
Proceeds from issuance of notes payable     355,929 14,229    
Payments of principal on convertible notes     (110,000) (186,443)    
Proceeds from issuance of convertible notes, net of issuance cost     0 206,900    
Net Cash Provided By Financing Activities     680,429 5,532,395    
Net increase in cash and cash equivalents     280,349 662,685    
Cash and cash equivalents at beginning of period 18,405 1,960 18,405 1,960 $ 1,960 1,960
Cash and cash equivalents at end of period     298,754 664,645   $ 18,405 [1]
Supplemental Cash Flow Information:            
Cash paid for interest and finance charges     11,211 22,890    
Cash paid for taxes     0 0    
Non-Cash transactions investing and financing activity:            
Proceeds from sale of Series A preferred stock paid directly to settle debts 0 55,090 0 55,090    
Convertible notes and interest payable settled by Series A preferred stock issued 0 849,360 0 849,360    
Note payable, accrued expense and interest payable settled by common stock issued     83,160 40,616    
Convertible notes settled by common stock issued 0 196,000 0 196,000    
Common stock issued for purchase of membership interest in subsidiary $ 0 $ 990,000 0 1,440,000    
Increase in intangible assets for subscription payable     0 1,650,000    
Initial beneficial conversion feature and debt discount on convertible notes     0 206,910    
Preferred deemed dividend     0 904,450    
Operating lease right-of-use assets and operating lease liabilities recorded upon adoption of ASC 842     0 506,506    
Reduction of operating lease right-of-use asset and operating lease liabilities     $ 80,116 $ 39,470    
[1] As Restated - see Note 14