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 ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net loss $ (7,564,900) $ (2,458,146)
Adjustments to reconcile net loss to net cash used in operating activities:    
401(k) stock 22,384 20,437
Options and warrants 170,188 314,712
Common stock 525,000
Noncash lease expense 107,343 53,704
Gain on foreign currency translation (225,927) (28,861)
Unrealized investment losses 457
Depreciation and amortization 95,219 67,922
Amortization of debt discount 1,061,936
Provision for (recovery of) uncollectible assets 28,848 9,338
Forgiveness of PPP Loan (242,486)
Loss on extinguishment of debt 2,105,119
Inducement expense 198,096
Decrease (increase) in assets:    
Accounts receivable (137,652) (420,996)
Employee advances 4,964  
Inventory (84,917) (10,107)
Deposits (35,545)
Prepaid expenses and other current assets (201,778) (206,396)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 774,709 (1,017,085)
Operating lease liabilities (82,296) (43,882)
Deferred revenue 517,741 33,492
Other liabilities (68,633) (1,261)
Total Adjustments 4,810,344 (1,506,557)
Net Cash Used in Operating Activities (2,754,556) (3,964,703)
Cash Used in Investing Activities    
Cash paid to acquire GDS, net of cash acquired (7,560)
Purchase of property and equipment (1,677,082) (223,651)
Purchase of intangible asset (34,999)
Purchase of investment - related parties (1,000,000)
Net Cash Used in Investing Activities (1,719,641) (1,223,651)
Cash Provided by Financing Activities    
Repayments of loans payable (53,333) (127,573)
Proceeds from common stock issued for cash 511,346
Repayments of debt obligations (100,000)
Proceeds from underwritten public offering, net of offering costs [1] 7,287,004
Cash offering costs paid for underwritten public offering (390,684)
Proceeds from common stock issued for cash 926,061
Proceeds from sale of common stock and warrants 439,000
Net Cash Provided by Financing Activities 458,013 8,033,808
Effect of Exchange Rate Changes on Cash 621,462 235,590
Net (Decrease) Increase in Cash (3,394,722) 3,081,044
Cash - Beginning of Period 3,649,407 134,536
Cash - End of Period 254,685 3,215,580
Supplemental Disclosures of Cash Flow Information:    
Interest paid 140,355 359,451
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 731,856
Common stock issued upon conversion of debt and accrued interest 1,522,597
Common stock and warrants issued upon exchange of debt and accrued interest 1,422,068
Common stock and restricted stock units in GGH issued upon exchange of GGI options 1,576,648
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 for subscription receivable 1,377,150
Accrual of offering costs 74,085
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.