Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

v3.20.2
Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (4,599,025) $ (3,698,175)
Adjustment to reconcile net loss to net cash used in operating activities:    
Amortization of debt discounts 1,402,489 919,070
Change in fair value of share-settled debt 934,548 0
Gain on settlement of accounts payable (131,539) 0
Common stock issued for officer bonus 172,549 440,800
Common stock issued for consulting 7,859 63,638
Amortization of lease asset 9,000 9,000
Debt extension expense 95,712 55,000
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 37,219 0
Increase in accounts payable 9,418 (114,844)
Increase in accrued expenses 1,314,711 1,125,559
Net Cash Used in Operating Activities (747,059) (1,199,952)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on debt, net of original issue discounts 760,000 700,000
Payments on convertible debt (162,500) (374,171)
Borrowings on convertible debt, net of original issue discounts – related party 47,300 329,880
Payments on convertible debt – related party 0 (25,000)
Borrowings on notes payable – related party 30,000 561,000
Payments on notes payable – related party 0 (15,000)
Payment of debt issue costs (20,000) 0
Net Cash Provided by Financing Activities 654,800 1,176,709
NET CHANGE IN CASH AND CASH EQUIVALENTS (92,259) (23,243)
CASH AND CASH EQUIVALENTS - beginning of period 92,282 25,745
CASH AND CASH EQUIVALENTS - end of period 23 2,502
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 4,150 138,118
Common stock issued for conversion of debt – related party 100,000 150,000
Common stock issued for conversion of debt $ 1,147,246 $ 0