Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (681,979) $ (397,257)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation 354 199
Loss on equity investment 21,588 50,000
Restricted shares issued for outside services 115,715 154,286
Amortization of stock option grants and restricted stock unit grants 177,178
Change in fair value of convertible bridge notes (1,057,877) (1,576,482)
Amortization of preferred stock discount   1,062
Amortization of debt issuance costs 5,000 5,000
Paid-in-kind interest - convertible bridge notes 535,877 339,146
Accrued interest - related party 15,426
Changes in operating assets and liabilities    
(Increase) decrease in prepaid expenses and othercurrent assets (7,665) 5,833
Increase in accounts payable and accrued expenses 43,170 54,730
Increase (decrease) in contractliabilities -related party (117,667) 117,667
Increase accrued bonuses 150,000
Net cash used in operating activities (978,057) (1,068,638)
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    
Proceeds from notes payable - related parties, net of issuance costs 788,500
Proceeds from convertible bridge notes, net of issuance costs 30,000 980,000
Net cash provided by financing activities 818,500 980,000
NET DECREASE IN CASH (159,557) (138,638)
CASH - Beginning of period 160,035 298,673
CASH - End of period 478 160,035
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Payment of interest in cash 1,247
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Investment in unconsolidated investee 21,558
Accrual of contractual dividends on Series A convertible preferred stock 36,000 40,768
Conversion of convertible bridge notes and accrued interest to 613,451 shares of common stock $ 57,664