v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (1,187,916) $ (1,323,516)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 5,912 2,436
Amortization of debt discounts 125,000
Stock-based compensation 422,000 15,000
Amortization of options issued for services 141,278 253,540
Decrease (increase) in assets:    
Inventory (94,217) (8,935)
Other current assets 118,355 (30,509)
Right-of-use assets 58,891 (268,814)
Security deposits 2,351 (143,494)
Increase (decrease) in liabilities:    
Accounts payable 256,515 24,645
Accrued expenses 9,962 102,260
Lease liability (57,157) 269,897
Net cash used in operating activities (324,026) (982,490)
Cash flows from investing activities    
Purchase of fixed assets (2,213) (73,326)
Net cash used in investing activities (2,213) (73,326)
Cash flows from financing activities    
Proceeds from convertible note payable 500,000
Repayment of advances from shareholders (50,000)
Proceeds from notes payable 86,000
Proceeds from subscriptions receivable 602
Proceeds from sale of common stock 1,950,000
Net cash provided by financing activities 86,000 2,400,602
Effect of exchange rate changes on cash (21,359) (8,287)
Net increase (decrease) in cash (261,598) 1,336,499
Cash - beginning 282,380 125,846
Cash - ending 20,782 1,462,345
Supplemental disclosures:    
Interest paid 394
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 501,397
Beneficial conversion feature $ 125,000

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