Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (1,169,210) $ (1,141,901)
Adjustment to reconcile net loss to net cash used in operating activities:    
Amortization of debt discounts 436,365 306,448
Gain on settlement of accounts payable (131,539) 0
Amortization of lease asset 3,000 3,000
Debt extension expense 30,000 55,000
Increase in accounts payable 5,318 (85,302)
Increase in accrued expenses 346,904 304,898
Net Cash Used in Operating Activities (479,162) (557,857)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on debt, net of original issue discounts 535,000 0
Payments on convertible debt (150,000) 0
Payments of debt issuance costs (20,000) 0
Borrowings on convertible debt, net of original issue discounts – related party 24,900 125,000
Borrowings on notes payable – related party 0 292,000
Borrowings on related party debt 0 300,000
Payments on notes payable 0 (160,000)
Net Cash Provided by Financing Activities 389,900 557,000
NET CHANGE IN CASH AND CASH EQUIVALENTS (89,262) (857)
CASH AND CASH EQUIVALENTS - beginning of period 92,282 25,745
CASH AND CASH EQUIVALENTS - end of period 3,020 24,888
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Beneficial conversion feature on convertible debt – related party $ 4,150 $ 50,992