Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

v3.20.2
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (2,930,487) $ (2,654,532)
Adjustment to reconcile net loss to net cash used in operating activities:    
Amortization of debt discounts 914,798 605,377
Change in fair value of share-settled debt 627,692 0
Gain on settlement of accounts payable (131,539) 0
Common stock issued for officer bonus 0 440,800
Common stock issued for consulting 0 63,637
Amortization of lease asset 6,000 6,000
Debt extension expense 30,000 55,000
Changes in operating assets and liabilities:    
Increase in accounts payable 5,318 (107,362)
Increase in accrued expenses 784,402 699,564
Net Cash Used in Operating Activities (693,816) (891,516)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on debt, net of original issue discounts 760,000 550,000
Payments on convertible debt (162,500) (215,000)
Borrowings on convertible debt, net of original issue discounts – related party 24,900 165,000
Payments on convertible debt – related party 0 (25,000)
Borrowings on notes payable – related party 0 411,000
Payments on notes payable – related party 0 (15,000)
Payment of debt issue costs (20,000) 0
Net Cash Provided by Financing Activities 602,400 871,000
NET CHANGE IN CASH AND CASH EQUIVALENTS (91,416) (20,516)
CASH AND CASH EQUIVALENTS - beginning of period 92,282 25,745
CASH AND CASH EQUIVALENTS - end of period 866 5,229
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 78,159
Common stock issued for conversion of debt – related party 100,000 0
Common stock issued for conversion of debt $ 378,881 $ 0