Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2019
Cash flows from operating activities    
Net loss $ (1,959,982) $ (6,207,184)
Minority interest in net loss 101
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debts expense 50,000
Depreciation and amortization expense 1,961 19,668
Loss on disposal of fixed assets 4,087
Impairment of goodwill 102,000
Amortization of debt discounts 75,000 332,332
Stock-based compensation 285,600 236,560
Amortization of options issued for services 1,490,932
Decrease (increase) in assets:    
Inventory (24,682)
Other current assets 135,982 (245,562)
Right-of-use assets 45,510
Security deposits (4,494) (68,033)
Increase (decrease) in liabilities:    
Accounts payable 123,870 209,327
Accrued expenses 23,667 83,969
Lease liability (39,864)
Net cash used in operating activities (1,268,497) (4,060,940)
Cash flows from investing activities    
Cash acquired in merger 4,739
Investment in Colombian Hope, S.A.S. (102,000)
Investment in One World Pharma, Inc. (350,000)
Investment in note receivable (50,000)
Purchase of fixed assets (358,400) (365,179)
Net cash used in investing activities (753,661) (467,179)
Cash flows from financing activities    
Proceeds from convertible note payable 300,000 500,000
Proceeds from shareholders 514,141
Repayment of advances from shareholders (314,141)
Proceeds from notes payable 200,000 130,000
Proceeds from contributed capital 136,440
Proceeds from subscriptions receivable 602
Proceeds from sale of common stock 1,001,513 4,380,350
Net cash provided by financing activities 2,152,094 4,696,811
Effect of exchange rate changes on cash (4,090) (12,158)
Net increase in cash 125,846 156,534
Cash - beginning 125,846
Cash - ending 125,846 282,380
Supplemental disclosures:    
Interest paid 310 28,558
Income taxes paid
Non-cash investing and financing transactions:    
Fair value of net assets acquired in merger 9,306
Notes payable exchanged for convertible note payable 207,332
Value of shares issued for conversion of debt 701,397
Initial recognition of right-of-use assets and lease liabilities 548,216
Par value of cashless exercise of options 51
Beneficial conversion feature $ 75,000 $ 332,332