Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,393,671) $ (1,437,777)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 199 23,060
Restricted shares issued for outside services 270,000 209,600
Paid-in-kind interest - convertible bridge notes 234,345
Stock based compensation 164,937 248,187
Change in fair value of convertible bridge notes (90,431) 419,484
Amortization of preferred stock discount 1,062 103,984
Amortization of debt issuance costs 3,750 2,500
Gain on extinguishment of liabilities (456,720)
Changes in operating assets and liabilities    
Decrease in prepaid expenses and other current assets 5,250 8,753
Increase (decrease) in accounts payable & accrued expenses 45,491 (5,361)
Net cash used in operating activities (759,068) (884,290)
CASH FLOWS FROM INVESTING ACTIVITIES    
Deposit toward GBWA purchase (50,000)
Amount paid to ETS (100,000)
Net cash used in investing activities (50,000) (100,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of capitalized leases (600)
Proceeds from notes payable - related parties 18,100
Proceeds from convertible bridge notes, net of issuance costs 940,000 1,635,000
Net cash provided by financing activities 940,000 1,652,500
NET INCREASE IN CASH 130,932 668,210
CASH - Beginning of period 298,673 3,330
CASH - End of period 429,605 671,540
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of interest in cash 1,247 45,646
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of convertible bridge notes and accrued interest to 613,451 shares of common stock 57,664
Accrual of contractual dividends on Series A convertible preferred stock 31,695 26,926
Forgiveness of deferred salary by officer 112,797
Conversion of payables, accrued interest, notes payable and notes payable - related parties to debentures 191,908
Settlement of accounts payable and accrued expenses to 1,738,195 shares of common stock 260,679
Reclassification of derivative liabilities to equity upon adoption of ASU 2017-11 213,042
Settlement of accounts payable with property, equipment and licensing rights in Cyclone $ 147,500