Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities    
Net loss $ (3,736,028) $ (4,819,585)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) stock 24,945 39,802
Stock-based compensation: Options and warrants 262,670 331,680
Gain on foreign currency translation (35,316) (106,513)
Unrealized investment losses 1,739 2,802
Depreciation and amortization 138,409 151,370
Loss on disposal of asset 401
Amortization of right-of-use asset 92,862 160,521
Amortization of debt discount 9,335 15,545
Recovery of uncollectible assets (13,079)
Loss on derecognition of right-of-use asset and lease liabilities 39,367
Gain on debt restructuring (130,421)
Write-down of inventory 111,327
Decrease (increase) in assets:    
Accounts receivable (487,000) (538,129)
Inventory 51,462 (299,568)
Deposits 18,451
Prepaid expenses and other current assets (45,831) (206,121)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 232,632 193,425
Operating lease liabilities (98,641) (147,809)
Deferred revenue (11,001) (10,914)
Other liabilities 2,782 (14,678)
Total Adjustments 53,365 (316,859)
Net Cash Used in Operating Activities (3,682,663) (5,136,444)
Cash Flows from Investing Activities    
Purchase of property and equipment (39,859) (147,944)
Net Cash Used in Investing Activities (39,859) (147,944)
Cash Flows from Financing Activities    
Proceeds from loans payable 27,641
Proceeds from loans payable - related parties 574,000
Repayments of loans payable (266,580) (163,115)
Repayments of loans payable - related parties (579,011)
Proceeds from convertible debt obligations 3,214,389 786,000
Repayments of debt obligations (95,500)
Proceeds from common stock offering 1,201,200 4,610,700
Proceeds from PPP Loan 242,487
Proceeds from SBA Economic Injury Disaster Loan 94,000
Repurchase of preferred stock (16,000)
Net Cash Provided by Financing Activities 4,492,126 5,138,085
Effect of Exchange Rate Changes on Cash 400,686 596,187
Net Increase in Cash 1,170,290 449,884
Cash - Beginning of Period 40,378 58,488
Cash - End of Period 1,210,668 508,372
Supplemental Disclosures of Cash Flow Information:    
Interest paid 199,632 251,001
Income taxes paid
Non-Cash Investing and Financing Activity    
Accrued stock-based compensation converted to equity 63,415
Debt and interest payable converted to equity 1,260,314 52,660
Notes payable exchanged for common stock of GGI 2,106,608
Common stock issued in satisfaction of debt obligations 50,709
Common stock issued for subscription receivable $ 140,600