Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.21.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (6,324,271) $ (5,030,448)
Adjustment to reconcile net loss to net cash used in operating activities:    
Amortization of debt discounts 1,822,355 1,273,753
Amortization of lease asset 12,000 12,000
Common stock issued for officer bonus 172,550 440,800
Common stock issued for consulting expense 7,858 63,637
Change in fair value of share-settled debt 548,419 0
Loan extension, default and standstill fees 95,712 188,391
Gain on settlement of accounts payable (131,539) 0
Changes in operating assets and liabilities:    
(Decrease) increase in prepaid expenses 39,219 (39,219)
Increase in accounts payable 1,010,068 (115,283)
Increase in accrued expenses 1,873,510 1,600,588
Net Cash Used in Operating Activities (874,119) (1,605,781)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on debt, net of original issue discounts 858,000 1,432,000
Payments on convertible debt (162,500) (565,562)
Borrowings on convertible debt, net of original issue discounts – related party 76,990 354,880
Payments on related party convertible debt 0 (25,000)
Borrowings on related party debt 45,050 641,000
Payments on related party debt (11,500) (165,000)
Payments of debt issue costs (20,000) 0
Net Cash Provided by Financing Activities 786,040 1,672,318
NET CHANGE IN CASH AND CASH EQUIVALENTS (88,079) 66,537
CASH AND CASH EQUIVALENTS - beginning of period 92,282 25,745
CASH AND CASH EQUIVALENTS - end of period 4,203 92,282
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued for conversion of debt and accrued interest 1,298,548 0
Common stock issued 100,000 150,000
Beneficial conversion feature on convertible debt 98,000 0
Notes payable – related party issued for convertible note principal in extension fees payable 0 135,000
Convertible debt, related party, issued for payment of Company expenses 0 12,073
Related Party Convertible Notes [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Beneficial conversion feature on convertible debt $ 4,150 $ 152,963