Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net loss $ (12,290,643) $ (1,526,939)
Stock-based compensation:    
401(k) stock 26,360 23,845
Stock options 223,246 427,376
Restricted stock units 158,671
Common stock 525,000 105,900
Noncash lease expense 162,148 134,261
Gain on foreign currency translation (411,178) (34,991)
Unrealized investment losses 457
Depreciation and amortization 178,896 103,680
Amortization of debt discount 1,078,731
Provision for uncollectible assets 67,295 19,865
Provision for obsolete inventory 115,563
Forgiveness of PPP Loan (242,486)
Loss on extinguishment of debt 2,105,119
Inducement expense 3,163,318
Decrease (increase) in assets:    
Accounts receivable and mortgages receivable (314,065) (2,713,685)
Employee advances 4,579
Inventory (385,686) (75,095)
Deposits (35,545)
Prepaid expenses and other current assets (100,513) (498,785)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 866,987 (1,057,858)
Operating lease liabilities (128,549) (109,705)
Deferred revenue 542,578 (180,639)
Other liabilities (71,983) (1,267)
Total Adjustments 7,806,517 (4,134,672)
Net Cash Used in Operating Activities (4,484,126) (5,661,611)
Cash Used in Investing Activities    
Cash paid to acquire GDS, net of cash acquired (7,560)
Purchase of property and equipment (1,915,952) (640,440)
Purchase of domain name (34,999)
Purchase of investment - related parties (3,500,000)
Net Cash Used in Investing Activities (1,958,511) (4,140,440)
Cash Provided by Financing Activities    
Repayments of loans payable (81,431) (159,441)
Proceeds from common stock issued for cash 511,346
Proceeds from the issuance of debt in private placement 1,727,500  
Repayments of debt obligations (7,000) (100,000)
Proceeds from underwritten public offering, net of offering costs [1] 7,287,004
Cash offering costs paid for underwritten public offering (690,400)
Proceeds from common stock issued for cash 3,746,454
Proceeds from sale of common stock and warrants 439,000
Proceeds from the exercise of warrants   1,647,000
Net Cash Provided by Financing Activities 2,150,415 12,169,617
Effect of Exchange Rate Changes on Cash 903,799 334,398
Net (Decrease) Increase in Cash (3,388,423) 2,701,964
Cash - Beginning of Period 3,649,407 134,536
Cash - End of Period 260,984 2,836,500
Supplemental Disclosures of Cash Flow Information:    
Interest paid 175,252 411,981
Income taxes paid
Non-Cash Investing and Financing Activity    
Equity issued to satisfy accrued stock-based compensation expense 27,821
Equity issued as consideration for intangible assets 39,600
Equity issued for purchase of non-controlling interest 231,789
Equity issued for acquisition of GDS 2,194,653
Warrants issued and debt principal exchanged upon modification of convertible debt 834,323
Shares issued upon conversion of debt and interest 6,460,243 1,422,068
Common stock and restricted stock units in GGH issued upon exchange of GGI options 1,576,648
Accrued stock-based compensation converted to equity 39,537
Series B Preferred stock converted to common stock 9,010,824
Reclassification of deferred offering cost to additional paid in capital 67,016
Common stock and warrants issued to underwriter in public offering 297,963
Common stock issued to placement agent as commitment fees 500,000
Right-of-use assets obtained in exchange for lease obligations $ 1,843,043
[1] Includes gross proceeds of $8,002,004, less offering costs of $715,000.