Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (8,984,969) $ (8,851,310)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 29,275 4,194
Amortization of intangibles 28,457 25,295
Stock-based compensation 4,183,154 6,283,811
Loss on settlement of accounts payable 1,612,539
Bad debt expense 189,987  
Gain (loss) on change in fair value of warrant assets (55,000)
Common stock issued in settlement of litigation 75,000
Gain on exchange of debt for common stock (151,646)
Issuance of common stock in settlement of Series A Convertible Preferred Stock contractual fee 245,741
Gain (loss) on change in fair value of convertible notes receivable (531,405)
Changes in operating assets and liabilities:    
Accounts receivable 192,620 (646,393)
Inventory (991,309)  
Prepaid expenses and other assets (244,671) 35,514
Other assets 17,561
Accounts payable and accrued liabilities 2,237,862 (619,954)
Contract liabilities 585,083 (61,316)
Net cash used in operating activities (1,144,411) (4,247,469)
Cash flows from investing activities:    
Cash acquired in reverse acquisition 5,441,437
Advances to shareholder (199,549)
Purchase of convertible notes receivable - Alliance MMA (215,000)
Purchase of fixed assets (1,229) (114,806)
Net cash provided by investing activities (1,229) 4,912,082
Cash flows from financing activities:    
Proceeds from equity financing 515,000
Proceeds from notes payable 293,972  
Proceeds from notes payable - related party 120,000
Proceeds from exercise of warrants 38,570 67,548
Proceeds from preferred stock placement 100,000
Net cash provided by financing activities 847,542 287,548
Net (decrease) increase in cash (298,098) 952,161
Cash, beginning of period 487,953 76,459
Cash, end of period 189,855 1,028,620
Supplemental disclosures of cash flow information:    
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:    
Cashless exercise of warrant 416 4
Cashless exercise of options 86
Settlement of accounts payable with issuance of common stock 2,747,615
Shareholder advances for purchase of inventory 475,000  
Issuance of warrant in settlement of vendor liability 66,275
Conversion of Series A Convertible Preferred Stock into common shares   1,585,710
Common stock issued in settlement of litigation   75,000
Surrender of common stock in settlement of due from shareholder balance 1,608,833
Stock and warrant dividend 1,705,722
Warrants issued to company 19,000
Conversion of notes payable-related party and interest into Series A Convertible Preferred Stock 1,900,000
Issuance of preferred and common stock in connection with acquisition of Alliance MMA, net of cash 6,423,864
Settlement of disputed contractual claim with issuance of common stock $ 118,002