Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities    
Net loss $ (10,884,058) $ (25,394,046)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 125,333 72,244
Amortization of debt discount 356,179  
Gain on settlement of payables (25,643)  
Bad debt (recovery) expense (1,699,825) 649,825
Stock-based compensation 1,118,286 340,411
Modification of stock award   12,959,360
Loss (gain) on sale/disposal of property and equipment 37,174 (1,714)
Loss on extinguishment of convertible note payable 2,580,655 703,188
Accrued interest capitalized to principal 396,535 115,245
Gain on exchange rate transactions 4,760  
Deferred tax benefit (20,427) (9,496)
Change in fair value of derivative liabilities 1,816,309  
Change in fair value of accrued issuable equity (9,405) 4,209,698
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (210,195) 427,922
Due from related parties (217,939) (22,570)
Due to related parties (100,759)
Deferred income (528,519)
Deposits 109,903
Accounts payable 2,226,814 2,895,645
Accrued expenses 533,486 255,009
Total adjustments 7,648,097 22,075,392
Net Cash Used In Operating Activities (3,871,961) (3,318,654)
Cash Flows From Investing Activities    
Cash withdrawn from Trust Account 10,280,739
Cash acquired in Reorganization 86,078
Cash acquired in reverse merger 3,006,235
Acquisition of intangible assets (144,402)
Issuance of notes receivable (649,825)
Proceeds from repayment of notes receivable 1,203,750
Disposal of property and equipment
Net Cash Provided by (Used In) Investing Activities 14,490,724 (708,149)
Cash Flows From Financing Activities    
Payment of common stock redemptions payable (9,006,493)
Repayment of advances from related party (201,859)
Repayment of loans payable (72,843)
Proceeds from sale of common stock 72,500 1,132,676
Proceeds from payment of subscription receivable 124,369
Proceeds from loans payable 275,049 335,303
Proceeds from Bounce Back Loan Scheme 64,168
Proceeds from government loan 53,051
Proceeds from convertible notes payable 82,500 2,350,000
Cash (Used In) Provided By Financing Activities (8,733,927) 3,942,348
Effect of Exchange Rate Changes on Cash 140,311 (399,368)
Net Increase (Decrease) In Cash 2,025,147 (483,823)
Cash - Beginning of Year 83,397 567,220
Cash - End of Year 2,108,544 83,397
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for interest
Non-cash investing and financing activities:    
KBL payments to vendors in satisfaction of notes receivable
Issuance of common stock in satisfaction of accrued issuable equity 12,631,663
Issuance of common stock in satisfaction of investor deposits 463,557
Receivable from related party for sale of property and equipment 8,902
Recognition of beneficial conversion feature as loss on extinguishment of convertible note principal 329,300 250,839
Redemption premium and restructuring fee recognized as an increase in convertible note principal 557,436 452,349
Conversion of notes payable and accrued interest into common stock 6,282,303
Conversion of Series A Convertible Preferred Stock into common stock 4,349,035
Deemed dividend - Extinguishment gain on Series A Convertible Preferred stock 565,659
Deemed dividend - Make-whole dividend on conversion of Series A Convertible preferred stock 333,333
Deemed dividend - Beneficial conversion feature on Series A Convertible Preferred Stock 223,710
Net non-cash liabilities assumed in Business Combination 11,866,515
Financing of D&O insurance premium $ 728,437