Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net (Loss) $ (3,694,079) $ (3,601,217)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 149,654 159,902
Impairment of goodwill 1,246,002
Impairment of intangibles 367,181
Stock-based compensation 144,826 175,076
Issuance of common stock and common stock warrants for consulting services 22,900 330,000
(Gain)/loss on extinguishment of debt (2,374)
Change in fair value of warrant liabilities (464,062) (400,225)
Change in fair value of derivative liabilities (44,791) (83,287)
Provision for inventory obsolescence 31,752
Amortization of debt discount and deferred finance cost 30,332 624,608
Warrants issued for extension of debt 21,121
Changes in operating assets and liabilities    
Accounts receivable 384 204
Inventory (2,896) 5,776
Prepaid expenses and other current assets 895,429 (243,552)
Accounts payable (51,643) 46,354
Accrued expenses 200,551 806,019
Accounts payable - related party 152,302
Accrued expenses - related party 1,097,974
Net cash (used in) operating activities (1,195,938) (883,841)
Cash flows from investing activities    
Cash acquired through CureDM purchase 3,592
Net cash provided by (used in) investing activities 3,592
Cash flows from financing activities    
Proceeds from issuance of notes payable to related parties 1,190,172 480,437
Proceeds from issuance of preferred stock 275,000
Net cash provided by financing activities 1,190,172 755,437
Net decrease in cash (5,766) (124,812)
Cash, beginning of year 12,467 137,279
Cash, end of year 6,701 12,467
Cash paid during the year for:    
Interest
Income taxes
Non-cash financing activities:    
Issuance of common stock for the acquisition of CureDM Groups Holdings LLC 1,250,000
Issuance of note payable for marketing services 450,000
Conversion of convertible notes payable plus accrued interest into common stock 1,277,066
Derivative liabilities associated with issuance of preferred stock 226,833
Derivative liability associated with convertible note payable $ 10,617