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 ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net loss $ (39,657,721) $ (2,113,878)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation
Shares issued for services 1,667,586
Amortization of stock options 1,436,494
Amortization of intangible assets 58,189 62,299
Bad debt expense (recovery) – related parties 300,000 (338,132)
Interest expense capitalized to debt principal 237,402
Loss on settlement of liabilities (455,021)
Loss (gain) on extinguishment of convertible note payable 9,737 (491,624)
Gain on exchange rate fluctuations (5,256)
Deferred tax benefit (10,975) (10,038)
Change in fair value of derivative liabilities 32,385,728
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 (606,079) 411,400
Due from related parties (240,000)
Accounts payable (3,837,635) 1,084,976
Accrued expenses (2,192,556) 801,251
Accrued issuable equity (52,500)
Total adjustments 29,316,491 1,512,278
Net Cash Used In Operating Activities (10,341,230) (601,600)
Cash Flows From Financing Activities    
Proceeds from sale of common stock and warrants 11,666,200 72,500
Offering costs in connection with sale of common stock and warrants (935,130)
Repayment of loans payable (587,065)
Repayment of convertible debt (10,000)  
Proceeds from loans payable 73,805
Proceeds from convertible notes payable 82,500
Proceeds from Paycheck Protection Program loan 53,051
Proceeds from Bounce Back Loan Scheme loan 63,023
Cash Provided By Financing Activities 10,134,005 344,879
Effect of Exchange Rate Changes on Cash (65,680) 243,452
Net Decrease in Cash (272,905) (13,269)
Cash – Beginning of Period 2,108,544 83,396
Cash – End of Period 1,835,639 70,127
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 1,340,184
Conversion of notes payable and accrued interest into common stock 432,383
Exchange of common stock equivalents for common stock 96
Recognition of beneficial conversion feature as loss on extinguishment of convertible note principal 329,300
Redemption premium and restructuring fee recognized as an increase in convertible note principal 557,436
Proceeds from loans payable paid directly to vendors in satisfaction of accounts payable 28,610
Security deposit applied to accounts payable 7,078
Shares issued to settle accounts payable 1,973,250
KBL repayments to vendors in satisfaction of note receivable $ 338,132