XML 19 R6.htm IDEA: XBRL DOCUMENT 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 $ (7,961,649) $ 820,786
Adjustments to Reconcile Net Loss to Net Cash Used In Operating Activities:    
Depreciation and amortization expense 352,422 274,062
Amortization of right-of-use assets 97,270 123,533
Amortization of debt discounts and accretion of debt 757,021 34,105
Bad debt expense 1,087,339 96,237
Write-off of investment 211,047 0
Lease expense 260,663 188,400
Interest on finance leases 11,576 13,759
Stock-based compensation 5,904,000 0
Deferred income taxes (714,108) (178,430)
Gain on extinguishment of debt (606,667) (942,029)
Change in fair value of the derivative liability (193,513) 4,158
(Gain) loss on change in fair value of equity investments (2,541) 34,443
Changes in Assets and Liabilities:    
Accounts receivable (6,256,072) (14,514,183)
Accounts receivable - related party 463,504 (1,299,818)
Inventory (89,582) 393,154
Prepaid expenses and other current assets (3,109,941) (3,332,839)
Prepaid expenses and other current assets - related party (55,657) 2,800,862
Loan receivable (2,663,676) 0
Other assets 23,294 (131,700)
Accounts payable and accrued expenses (3,199,770) 3,448,613
Accounts payable and accrued expenses - related party 624,349 (240,189)
Accrued interest 292,392 654,297
Lease liabilities (231,900) (217,210)
Taxes payable 622,047 584,507
Other current liabilities 1,005,685 (56,776)
Other liabilities (124,247) (59,460)
Net Cash Provided By Used In Operating Activitie (7,097,174) (11,501,718)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from loan receivable 63,699 0
Purchase of property and equipment (581,398) (117,744)
Purchase of licenses (309,118) 0
NET CASH USED IN INVESTING ACTIVITIES (826,817) (117,744)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of convertible note payable (907,000) (593,000)
Proceeds from convertible note payable 600,000 497,000
Payment of related party note payable 0 (996,136)
Payment of note payable (512,561) (5,230,725)
Proceeds from note payable 591,500 16,556,710
Payment of related party loan (139,594) (149,695)
Proceeds from related party loan 7,424,164 721,723
Payment of lines of credit (24,006,784) (18,428,823)
Proceeds from lines of credit 24,437,020 20,369,291
Payments of finance lease liability (92,105) (85,804)
Purchase of treasury stock (376,863) (200,000)
Proceeds from sale of treasury stock 250,000 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,267,777 12,460,541
Effect of exchange rate changes on cash 314,306 (251,221)
NET CHANGE IN CASH (341,908) 589,858
CASH AT BEGINNING OF YEAR 628,395 38,537
CASH AT END OF YEAR 286,487 628,395
Cash paid during the period:    
Interest 2,059,305 955,376
Income tax 0 14,127
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Cancellation of treasury shares 171,360 0
Discounts related to beneficial conversion features of convertible debentures 294,000 0
Conversion of convertible notes payable to common stock 649,711 0
Conversion of notes payable to common stock 3,878,480 807,795
Conversion of loans payable related party to common stock 6,600,000 0
Conversion of derivative liability to additional paid-in capital 284,169 0
Deemed dividend on warrants upon conversion of convertible debt $ 7,633,033 $ 0