v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities:    
Net loss $ (813,747) $ (1,458,509)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of derivative liabilities (16,977) (52,600)
Amortization of debt discount 8,302
Loss on exchange of notes payable for preferred shares 262,470
Loss on extinguishment of debt 1,441
Non-cash interest expense - warrants 18,668 33,016
Stock-based compensation:    
Warrants (98) (9)
Common stock 4,626
Changes in operating assets and liabilities:    
Prepaid expenses (28,517) 4,009
Other current assets 254 (2,560)
Accounts payable 177,379 492,501
Accrued expenses 60,601 193,431
Accrued expenses - related parties (113,833) 25,000
Accrued interest 68,233 76,861
Accrued interest - related parties 748 740
Accrued compensation 14,534 20,206
Net Cash Used In Operating Activities (618,386) (405,444)
Cash Flows From Financing Activities:    
Proceeds from cash advances 75,000
Proceeds from issuance of convertible notes payable 575,000
Proceeds from issuance of Series A Preferred Stock 100,000 325,000
Repayment of convertible notes payable (68,000)  
Net Cash Provided By Financing Activities 607,000 400,000
Net Decrease In Cash (11,386) (5,444)
Cash - Beginning of Period 27,908 18,934
Cash - End of Period 16,522 13,490
Supplemental Disclosures of Cash Flow Information:    
Cash paid for: Interest
Cash paid for: Income taxes
Non-cash investing and financing activities:    
Original issue discount in connection with convertible note payable 3,000
Preferred stock issued in exchange for notes and advances payable 1,090,254
Accrual of earned preferred stock dividends (211,305) (148,035)
Reclassification of derivative liabilities to equity 345,830
Issuance of placement agent warrants 10,907
Issuance of common stock as debt discount in connection with extension of notes payable 56,875
Repayment of convertible note payable and accrued interest by third party $ 100,896

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