Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,754,646) $ (4,168,203)
Adjustments to reconcile net loss to cash provided by (used in) in operating activities:    
Depreciation 3,356 3,356
Stock based compensation 911,340 55,800
Amortization of prepaid insurance 91,207 84,767
Amortization of debt discount 1,122,902 705,700
Amortization of intangible assets 9,475 0
Non-cash revenue (150,000) 0
Loss on extinguishment of debt 139,537 0
Changes in operating assets & liabilities:    
Increase in reservation fee deposit 0 76,155
Increase in prepaid expenses 0 0
Increase in prepaid insurance (101,439) (85,000)
Decrease in Inventory (1,032) 29,681
Increase in due to First Insurance Funding 370 (171)
Increase in accounts payable and accrued expenses (116,339) 223,399
Increase in security deposits 0 (7,440)
Net cash used in operating activities (4,845,269) (3,081,956)
Proceeds from due to shareholders 407,500 0
Repayment of related party loan 0 (13,547)
Repayment of convertible notes (1,965,610) 0
Proceeds from loans receivable 0 500,000
Proceeds from convertible notes 1,782,079 3,940,000
Common stock issued under registration statement on Form S-3 3,769,084 0
Common stock issued per stock purchase agreement 600,000 0
Net cash provided by financing activities 4,593,053 4,426,453
Net increase in cash and cash equivalents (252,216) 1,344,497
Cash and cash equivalents at beginning of period 2,057,843 713,346
Cash and cash equivalents at end of period 1,805,627 2,057,843
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest 456,063 105,522
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Common stock issued against common stock to be issued 15,000 24,000
Common stock issued against conversion of debt and interest 989,857 199,500
Common stock issued against exchange of debt 356,500  
Balance on extinguishment of debt - related party 191,003 0
Debt discount and initial derivative liability at issuance of note $ 0 $ 1,320,000