XML 18 R6.htm IDEA: XBRL DOCUMENT 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 income (loss) $ 1,651,867 $ (3,390,555)
Adjustments to Reconcile Net Loss to Net Cash Used In Operating Activities:    
Depreciation and amortization expense 207,992 240,130
Amortization of right-of-use assets 90,551 284,008
Amortization of debt discounts 29,509 204,396
Lease expense 148,218 0
Interest on finance leases 9,197 0
Loss on disposal of fixed asset 21,624 0
Gain on extinguishment of debt (779,224) 0
(Gain) loss on change in fair value of equity investments 19,798 1,090,886
Changes in Assets and Liabilities:    
Accounts receivable, net (10,099,941) (1,028,844)
Accounts receivable - related party (358,528) (233,404)
Inventory (727,960) (276,887)
Prepaid expenses and other current assets (5,273,072) 534,680
Prepaid expenses and other current assets - related party 2,712,271 (730,385)
Other assets (51,836) (140,281)
Accounts payable and accrued expenses 2,356,249 594,323
Accounts payable and accrued expenses - related party (116,875) 263,029
Customer advances (228,566) (866,596)
Other current liabilities 154,819 (36,557)
Lease liabilities (120,799) (105,564)
Taxes payable 7,772 0
Other liabilities 4,819 24,809
NET CASH USED IN OPERATING ACTIVITIES (10,342,115) (3,572,812)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (113,845) (594,632)
Proceeds from sale of investments 0 1,211,348
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (113,845) 616,716
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of convertible note payable (413,000) (365,514)
Proceeds from convertible note payable 0 1,380,000
Payment of related party note payable (941,357) (36,532)
Payment of note payable (5,253,918)  
Proceeds from note payable 15,926,295 2,000,000
Payment of related party loan (109,024) (212,176)
Proceeds from related party loan 594,836 508,085
Payment of lines of credit (13,270,971) (7,980,910)
Proceeds from lines of credit 14,588,466 9,045,285
Payments of finance lease liability (57,316) (27,086)
Purchase of treasury stock (80,000) (845,247)
NET CASH PROVIDED BY FINANCING ACTIVITIES 10,984,011 3,465,905
Effect of exchange rate changes on cash 515,043 (193,945)
NET CHANGE IN CASH 1,043,094 315,864
CASH AT BEGINNING OF PERIOD 38,537 864,343
CASH AT END OF PERIOD 1,081,631 1,180,207
Cash paid during the period:    
Interest 124,178 447,731
Income tax 11,605 11,605
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Cancellation of pre-delivery shares issued for conversion of convertible notes payable 0 574
Discounts related to beneficial conversion features of convertible debentures $ 0 120,000
Conversion of convertible notes payable to common stock   $ 1,050,000