Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities    
Net loss $ (2,389,018) $ (5,781,683)
Adjustments to reconcile net loss to net cash used in operating activities:    
401(k) stock 27,821 31,778
Options 530,472 361,253
Common stock 105,900 31,350
(Gain) loss on foreign currency translation 33,128 (52,498)
Unrealized investment losses 457 3,013
Depreciation and amortization 145,653 170,189
Amortization of debt discount 199,161 9,335
Provision for uncollectible assets 183,199 70,535
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
Gain on forgiveness of PPP loan (242,487)
Non-cash lease expense 194,774 92,862
Decrease (increase) in assets:    
Accounts receivable (4,349,591) (798,446)
Employee advances (11,097)
Inventory 161,637 (9,515)
Deposits (20,276) 20,611
Prepaid expenses and other current assets (553,345) (40,018)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (479,242) 703,698
Operating lease liabilities (155,484) (98,641)
Deferred revenue (220,325) 34,021
Other liabilities 28,683 45,950
Total Adjustments (4,420,962) 837,925
Net Cash Used in Operating Activities (6,809,980) (4,943,758)
Cash Flows from Investing Activities    
Purchase of property and equipment (1,945,266) (115,454)
Purchase of investment - related parties (7,000,000)
Net Cash Used in Investing Activities (8,945,266) (115,454)
Cash Flows from Financing Activities    
Proceeds from PPP loan 242,487
Proceeds from SBA Economic Injury Disaster Loan 94,000
Proceeds from loans payable 601,641
Repayments of loans payable (185,086) (355,583)
Repayments of loans payable, related parties (673,550)
Repayment of debt obligations (100,000)
Proceeds from convertible debt obligations 6,000,000 3,221,919
Offering costs in connection with convertible debt obligations (470,813)
Proceeds from common stock issued for cash 5,135,210 1,571,801
Offering costs in connection with sale of common stock for cash (457,810)
Proceeds from underwritten public offering, net of offering costs [1] 7,287,004
Payment of offering costs for underwritten public offering (319,684)
Proceeds from sale of common stock and warrants 409,050
Proceeds from exercise of warrants 1,647,000
Repurchase of preferred stock (16,000)
Net Cash Provided by Financing Activities 18,944,871 4,686,715
Effect of Exchange Rate Changes on Cash 325,246 466,655
Net Increase in Cash 3,514,871 94,158
Cash - Beginning of Year 134,536 40,378
Cash - End of Year 3,649,407 134,536
Supplemental Disclosures of Cash Flow Information:    
Interest paid 489,291 252,772
Income taxes paid 72,531
Non-Cash Investing and Financing Activity    
Common stock issued to satisfy accrued stock-based compensation 39,537 52,372
Series B Preferred stock converted to common stock 9,010,824
Common stock and warrants issued upon exchange of debt and accrued interest 1,422,068 3,630,999
Common stock and warrants issued to underwriter in public offering, charged to additional paid in capital 297,963
Common stock issued to placement agent as commitment fees, charged to additional paid in capital 500,000
Reclassification of deferred offering cost to additional paid in capital 67,016
Common stock issued in satisfaction of payable 9,900
Common stock issued as deferred offering costs 67,016
Right of use asset obtained in exchange for lease obligation 1,861,983
Common stock issued to satisfy dividends declared on Series B Convertible Redeemable Preferred Stock 1,534,086
Investor deposits applied to sale of common stock and warrants 29,950
Real estate development costs transferred from property and equipment to lots inventory $ 882,894
[1] Includes gross proceeds of $8,002,004, less $715,000 cash retained by the underwriter for fees and expenses.