v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Cash flows from operating activities          
Net loss $ (753,194) $ (4,393,331) $ (1,793,411) $ (5,581,247)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization expense     22,998 14,210  
Amortization of debt discounts     13,786  
Amortization of stock-based debt discounts     170,033  
Stock-based compensation     107,796 3,009,000  
Amortization of options issued for services     654,579 1,549,199  
Decrease (increase) in assets:          
Accounts receivable     (23,095)  
Inventory     (146,714) (148,458)  
Other current assets     (21,640) 55,049  
Right-of-use assets     22,636 56,569  
Security deposits     (2,239) 1,129  
Increase (decrease) in liabilities:          
Accounts payable     (175,327) 304,337  
Accrued expenses     (100,163) 31,501  
Lease liability     (22,114) (52,513)  
Net cash used in operating activities     (1,292,875) (761,224)  
Cash flows from investing activities          
Purchase of fixed assets     (223,922) (2,213)  
Net cash used in investing activities     (223,922) (2,213)  
Cash flows from financing activities          
Proceeds from notes payable     268,250 231,274  
Repayment of notes payable     (40,567) (20,000)  
Proceeds from sale of preferred and common stock     3,077,510 400,000  
Net cash provided by financing activities     3,305,193 611,274  
Effect of exchange rate changes on cash     (5,419) (28,203)  
Net increase (decrease) in cash     1,782,977 (180,366)  
Cash - beginning     28,920 282,380 $ 282,380
Cash - ending $ 1,811,897 $ 102,014 1,811,897 102,014 $ 28,920
Supplemental disclosures:          
Interest paid     8,175  
Income taxes paid      
Non-cash investing and financing transactions:          
Fair value of common shares issued for conversion of debt     1,537,750  
Value of commitment shares issued as a debt discount     268,250  
Dividends payable     $ 34,843  

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