v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (6,721,301) $ (4,445,726)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 23,706 9,432
Loss on disposal of fixed assets 4,087
Amortization of debt discounts 332,332
Stock-based compensation 3,386,498 175,000
Amortization of options issued for services 1,875,623 1,079,525
Decrease (increase) in assets:    
Inventory (201,522) (22,097)
Other current assets 71,295 (235,096)
Right-of-use assets 79,011 (248,541)
Security deposits 1,632 (61,301)
Increase (decrease) in liabilities:    
Accounts payable 272,366 23,123
Accrued expenses 130,437 21,986
Lease liability (73,027) 251,789
Net cash used in operating activities (1,155,282) (3,115,487)
Cash flows from investing activities    
Purchase of fixed assets (37,793) (224,597)
Net cash used in investing activities (37,793) (224,597)
Cash flows from financing activities    
Proceeds from convertible note payable 500,000
Repayment of convertible note payable (507,332)
Repayment of advances from shareholders (314,141)
Proceeds from notes payable 261,274
Repayment of notes payable (272,000)
Proceeds from subscriptions receivable 602
Proceeds from sale of preferred and common stock 1,478,332 4,004,500
Net cash provided by financing activities 960,274 4,190,961
Effect of exchange rate changes on cash (28,700) (21,121)
Net increase (decrease) in cash (261,501) 829,756
Cash - beginning 282,380 125,846
Cash - ending 20,879 955,602
Supplemental disclosures:    
Interest paid 4,983 35,402
Income taxes paid
Non-cash investing and financing transactions:    
Fair value of net assets acquired in merger 9,306
Value of shares issued for conversion of debt 701,397
Beneficial conversion feature 332,332
Dividends payable $ 14,870

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