Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:    
Net loss $ (3,746,138) $ (1,542,906)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 200,000
Finance expense 768,905
Depreciation and amortization 394,968 466,836
Bad debt 618
Lease liability amortization 10,063 (2,466)
Gain on forgiveness of PPP loan (633,830)
Changes in operating assets and liabilities:    
Accounts receivable 32,907 143,710
Accounts receivable – related party (267,513)
Inventory 78,440 (55,829)
Prepaid expenses and other assets (1,580,805) (11,757)
Accounts payable and accrued liabilities 1,605,399 (421,888)
Accounts payable and accrued liabilities – related party 588,797 (162,934)
Deferred revenue - related party 63,411
Net Cash (used in) Operating Activities (2,484,778) (1,587,234)
Cash Flows From Investing Activities:    
Purchase of property and equipment (217,840) (4,508)
Net Cash used in Investing Activities (217,840) (4,508)
Cash Flows From Financing Activities:    
Proceeds from issuance from common stock 16,255,235
Due to shareholder 171,272 1,555,931
Proceeds from notes payable 307,610 322,045
Repayment of notes payable (16,266) (63,426)
Payment of lease liabilities (74,550) (259,971)
Repayment of notes payable - related party (250,000)
Net Cash provided by Financing Activities 16,393,301 1,554,579
Net change in cash 13,690,683 (37,163)
Cash, beginning of period 20,162 57,325
Cash, end of period 13,710,845 20,162
Supplemental cash flow information    
Cash paid for interest 6,713 15,854
Cash paid for taxes
Non-cash Investing and Financing transactions:    
Debt forgiveness 3,767,530
Note payable - related party issued exchange with due to shareholder 4,000,000
Finance lease asset 94,980
Initial recognition of right-of-use asset $ 399,372