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 $ (397,257) $ (2,718,205)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 199 23,127
Loss on equity investment 50,000
Restricted shares issued for outside services 154,286 209,600
Amortization of stock option grants and restricted stock unit grants 177,178 236,149
Change in fair value of convertible bridge notes (1,576,482) 1,254,379
Amortization of preferred stock discount 1,062 125,154
Amortization of debt issuance costs 5,000 3,750
Paid-in-kind interest - convertible bridge notes 339,146 184,963
Gain on extinguishment of liabilities (456,720)
Changes in operating assets and liabilities    
Decrease in prepaid expenses and other current assets 5,833 2,920
Increase (decrease) in accounts payable & accrued expenses 54,730 (72,274)
Increase in contract liabilities and license deposits 117,667
Net cash used in operating activities (1,068,638) (1,207,157)
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in Earth Property Holdings LLC (50,000)
Net cash used in investing activities (50,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of capitalized leases (600)
Proceeds from notes payable - related parties, net of issuance costs 18,100
Repayment of notes payable   (150,000)
Proceeds from convertible bridge notes, net of issuance costs 980,000 1,635,000
Net cash provided by financing activities 980,000 1,502,500
NET (DECREASE) INCREASE IN CASH (138,638) 295,343
CASH - Beginning of period 298,673 3,330
CASH - End of period 160,035 298,673
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of interest in cash 1,247 60,309
Payment of income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
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
Accrual of contractual dividends on Series A convertible preferred stock 40,768 31,890
Conversion of convertible bridge notes and accrued interest to 613,451 shares of common stock $ 57,664