Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating Activities:    
Net loss $ (29,982,292) $ (1,252,157)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 232,194 0
Loss on debt extinguishment, net 224,166 0
Loss on disposal of property and equipment 39,434 0
Change in fair value of derivative liability (60,650) (4,150)
Interest expense-embedded conversion feature 0 64,800
Amortization-debt discount 8,656 5,920
Amortization of interest - beneficial conversion feature 1,407,675 5,589
Stock warrants expense 219,670 159,961
Stock options expense 239,478 95,567
Stock-based compensation expense 54,283 44,082
Asset impairment adjustment 25,320,555 0
Changes in assets and liabilities:    
Prepaid expenses 3,515 3,937
Other assets (8,680) 0
Accounts payable 113,158 22,166
Accrued expenses (4,666) (1,165)
Accrued interest payable 26,677 160,772
Related party payables (24,706) 72,369
Stock subscriptions payable 0 78,353
Net cash used in operating activities (2,191,533) (543,956)
Investing Activities:    
Proceeds from disposal of property and equipment 951 0
Financing Activities:    
Proceeds from notes payable - related parties 0 186,626
Proceeds from notes payable - non-related parties 41,665 0
Proceeds from issuances of common stock - non-related parties 0 39,000
Proceeds from offering of preferred stock - related parties 1,700,000 1,000,000
Net cash provided by financing activities 1,741,665 1,225,626
Net Change In Cash (448,917) 681,670
Cash At The Beginning Of The Period 681,759 89
Cash At The End Of The Period 232,842 681,759
Schedule Of Non-Cash Investing And Financing Activities:    
Prepaid expenses with common shares $ 122,162 $ 0
Issuance of common stock, stock warrants and convertible note for asset purchase 29,222,955
Accounts payables and accrued expenses converted to capital $ 265,677 $ 0
Related party payables converted to capital 579,814 59,500
Gain on related party payables converted to capital 272,299 575,492
Related party debt converted to capital 2,378,478 0
Related party debt converted to capital after exercise of cashless stock warrants 65,728 0
Gain on related party debt converted to capital 124,291 0
Non-related party debt converted to capital 166,526 0
Shares issued for cash received in prior years 1,000,000 0
Shares issued for executive compensation in prior year 76,480 0
Gain on related party conversion of preferred stock into common stock 0 1,329,561
Shares to be issued for accrued dividends 107,880 0
Fair value of embedded conversion feature 0 64,800
Intrinsic value-beneficial conversion feature 1,407,501 5,589
Fair value of stock options granted 0 95,567
Fair value of stock warrants granted 0 160,544
Exercise of cashless stock warrants 0 146,774
Supplemental Disclosure:    
Cash paid for interest 1,979 3,750
Cash paid for income taxes $ 0 $ 0