Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities    
Net loss $ (16,198,585) $ (2,381,260)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation
Shares issued for services 925,404
Amortization of stock options 1,092,399
Depreciation and amortization 28,668 32,293
Gain on settlement of payables and accrued expenses (723,764)
Loss on extinguishment of convertible note payable 9,737 886,736
Gain on exchange rate transactions (5,334)
Deferred tax benefit (5,403) (5,102)
Change in fair value of derivative liabilities 13,229,308
Offering costs allocated to warrant liabilities 604,118  
Change in fair value of accrued issuable equity 9,405
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (342,045) 267,716
Due from related parties (240,000)
Accounts payable (3,966,486) 302,380
Accrued expenses (940,301) 733,565
Accrued issuable equity (52,500)
Total adjustments 9,868,540 1,972,254
Net Cash Used In Operating Activities (6,330,045) (409,006)
Cash Flows From Financing Activities    
Shares issued for cash, net of issuance costs 10,731,070
Repayment of loans payable (368,532)
Proceeds from sale of common stock 72,500
Proceeds from loans payable 3,500
Proceeds from loans payable - related parties 174,864
Proceeds from convertible notes payable - related parties 82,500
Cash Provided By Financing Activities 10,362,538 333,364
Effect of Exchange Rate Changes on Cash (88,175) 89,810
Net Increase In Cash 3,944,318 14,168
Cash - Beginning of Period 2,108,544 83,397
Cash - End of Period 6,052,862 97,565
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for interest
Non-cash investing and financing activities:    
Warrants issued in connection with the private offering 7,294,836  
Conversion of convertible debt and accrued interest into common stock 1,340,185
Conversion of notes payable and accrued interest into common stock 432,383
Exchange of common stock equivalents for common stock 96
Accrued interest reclassified to convertible notes principal 99,702
Accrued interest reclassified to convertible notes, related party principal 8,129
Recognition of beneficial conversion feature as loss on extinguishment of convertible note principal 339,200
Redemption premium and restructuring fee recognized as an increase in convertible note principal 557,444
Proceeds from loans payable paid directly to vendors in satisfaction of accounts payable 7,537
Proceeds from loans payable - related parties paid directly to vendors in satisfaction of accounts payable 9,263
Increase in loans payable in satisfaction of certain accounts payable 3,000
Security deposit applied to accounts payable $ 7,030