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 income (loss) $ (8,332,259) $ (5,233,519)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 41,322 72,051
Common stock issued in exchange for services 668,695
Change in fair value of derivative liability (1,504,006) 196,545
Change in fair value of warrant liability 344,898
Derivative expense 284,343 1,987,888
(Gain) / Loss on settlement of vendor liabilities 7,369,503 473,770
Loss on settlement of debt (179,276)
Stock based compensation 520,785 599,735
Loss on extinguishment of debt (4,581) 27,851
Interest expense related to amortization of debt issuance costs and debt discount 110,868 280,841
Changes in assets and liabilities:    
Inventory 66,472 (25,270)
Prepaid expenses and other assets 27,704 96,409
Accounts payable and accrued liabilities 726,943 621,496
Customer deposits 40,269
Long term obligations 12,294
Current portion leases payable (724)
Net cash provided by (used in) operating activities (307,739) (401,214)
Cash flows from investing activities:    
Purchase of Tooling in process (173,854)
Purchases of property & equipment (1,238)
Net cash used in investing activities (175,092)
Cash flows from financing activities    
Proceeds from the issuance of common stock 245,500
Proceeds from note payable - related party 105,000 165,000
Repayment of related party loans (150,000) (120,000)
Proceeds from note payable, net of debt discount and issuance cost 263,500
Proceeds from the issuance of convertible notes payable, net of issuance costs 511,501 48,500
Repayments on asset based loans (120,461)
Net cash provided by financing activities 466,501 482,039
Net change in cash (16,330) 80,825
Cash, beginning of period 119,028 38,203
Cash, end of period 102,698 119,028
Supplemental cash flow information:    
Interest paid 13,755
Taxes paid
Supplemental disclosure of non-cash investing and financing activities:    
Settlement of debt with convertible note 60,000 908,828
Stock issued for settlement of vendor liabilities 680,875
Conversion of debt (60,000) 1,836,127
Convertible notes issues through extinguishment of debt 465,295
Conversion of convertible preferred stock to common stock 3,604,300 465,295
Derivative cease to exist upon conversion of notes $ 1,845,677