Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (5,781,683) $ (6,956,815)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) stock 31,778 55,196
Stock-based compensation: Options and warrants 361,253 432,187
Stock-based compensation: Common stock 31,350
Gain on foreign currency translation (52,498) (101,732)
Unrealized investment losses 3,013 4,370
Depreciation and amortization 170,189 196,438
Loss on disposal of asset 401
Amortization of right-of-use asset 92,862 212,441
Amortization of debt discount 9,335 21,336
Provision for uncollectible assets 70,535 126,157
Loss on derecognition of right-of-use asset and lease liabilities 39,367
Gain on debt restructuring (130,421)
Gain on settlement of payables (2,100)
Loss on extinguishment of debt 355,602
Write-down of inventory 193,564
Decrease (increase) in assets:    
Accounts receivable (798,446) (181,247)
Inventory (9,515) (322,929)
Deposits 20,611 (38,014)
Prepaid expenses and other current assets (40,018) (116,563)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 703,698 615,792
Operating lease liabilities (98,641) (203,196)
Deferred revenue 34,021 (3,841)
Other liabilities 45,950 (13,956)
Total Adjustments 837,925 876,404
Net Cash Used in Operating Activities (4,943,758) (6,080,411)
Cash Flows from Investing Activities    
Purchase of property and equipment (115,454) (139,271)
Purchase of investment   (74,485)
Net Cash Used in Investing Activities (115,454) (213,756)
Cash Flows from Financing Activities    
Proceeds from loans payable 27,641
Proceeds from loans payable - related parties 574,000 566,132
Repayments of loans payable (355,583) (197,034)
Repayments of loans payable - related parties (673,550)
Proceeds from convertible debt obligations 3,221,919 786,000
Repayments of debt obligations (95,500)
Proceeds from common stock offering 1,571,801 4,610,700
Proceeds from PPP Loan 242,487
Proceeds from SBA Economic Injury Disaster Loan 94,000
Proceeds from investor deposits 29,950
Repurchase of preferred stock (16,000)
Net Cash Provided by Financing Activities 4,686,715 5,700,248
Effect of Exchange Rate Changes on Cash 466,655 575,809
Net Increase (Decrease) in Cash 94,158 (18,110)
Cash - Beginning of Year 40,378 58,488
Cash - End of Year 134,536 40,378
Supplemental Disclosures of Cash Flow Information:    
Interest paid 252,772 333,091
Income taxes paid
Non-Cash Investing and Financing Activity    
Accrued stock-based compensation converted to equity 52,732 63,414
Debt and interest payable converted to equity 3,630,999 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 in satisfaction of payable 9,900
Common stock issued as deferred offering costs 67,016
Dividends declared on Series B Convertible Redeemable Preferred Stock 1,534,086
Common stock issued to satisfy dividends payable $ 1,534,086