XML 16 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (7,907,081) $ (10,769,923)
Less: Net loss from discontinued operations (1,697,744) (433,259)
Net loss from continuing operations (6,209,337) (10,336,664)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation 259,906 1,595,847
Amortization 166,697 299,462
Amortization of right-of-use assets 246,981 19,059
Interest expense - debt discount 907,480 1,676,609
Fair value in excess of proceeds upon issuance of warrants   1,763,481
Change in fair value of warrant liability 10,184 (946,825)
Accretion of original issue discount on notes receivable - related party 15,000 (1,262,422)
Accretion of original issue discount on notes receivable (4,137) (58,023)
Increase in accrued interest on notes receivable - related party   (464,114)
Stock-based compensation 142,941 992,283
Realized losses on other investments 27,500  
Realized (gains) losses on sale of digital currencies   (394)
Realized (gains) losses on sale of marketable securities (14,708) (86,741)
Unrealized (gains) losses on marketable equity securities (52,313) (231,608)
Unrealized losses on equity securities - related party 64,639 (21,288)
Unrealized losses on equity securities 73,077 (6,316)
Changes in operating assets and liabilities:    
Accounts receivable 198,620 (594,491)
Accounts receivable, related party   2,648,798
Accrued revenue 33,829 68,999
Digital currencies (14) (290,902)
Inventories (34,907) 598,777
Prepaid expenses and other current assets 181,531 (53,576)
Other assets (39,418) (271,679)
Accounts payable and accrued expenses 1,365,505 405,708
Accounts payable, related parties (23,799) 2,271
Other current liabilities 659,795 (158,201)
Lease liabilities (234,102)  
Net cash (used in) continuing operating activities (2,259,050) (4,711,950)
Net cash provided by (used in) discontinued operating activities 1,246 42,230
Net cash used in operating activities (2,257,804) (4,669,720)
Cash flows from investing activities:    
Purchase of property and equipment (190,117) (86,048)
Investments - related party (198,514) (1,027,847)
Investments in warrants and common stock - related party (10,367) (681,164)
Sales of marketable equity securities 110,355 571,741
Proceeds from loans receivable 139,933  
Investments in debt and equity securities (3,060) (383,876)
Net cash used in investing activities (151,770) (1,607,194)
Cash flows from financing activities:    
Gross proceeds from sales of common stock and warrants   11,528,605
Proceeds from issuance of Series A Convertible Preferred Stock   131,741
Financing cost in connection with sales of equity securities   (1,195,004)
Proceeds from warrant exercises   127,000
Proceeds from convertible notes payable 100,000 500,000
Proceeds from notes payable 3,147,434 4,102,918
Proceeds from short-term advances - related party 604,254 313,000
Payments on short-term advances - related party (98,425)  
Payments on notes payable (185,583) (1,386,935)
Payments on convertible notes payable   (7,069,547)
Proceeds from advances on future receipts   319,729
Payments on advances on future receipts (20,000) (674,229)
Payments of preferred dividends (7,394) (7,153)
Payments on revolving credit facilities, net 68,340 (217,830)
Net cash provided by financing activities 3,608,626 6,472,295
Effect of exchange rate changes on cash and cash equivalents 8,854 (114,036)
Net increase in cash and cash equivalents 1,207,906 81,345
Cash and cash equivalents at beginning of period 483,383 769,619
Cash and cash equivalents at end of period 1,691,289 850,964
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 70,727 1,644,524
Non-cash investing and financing activities:    
Cancellation of convertible note payable into shares of common stock 2,688,626 2,608,458
Payment of debt with digital currency 273,517
Issuance of common stock in payment of liability 228,701 108,523
Cancellation of short term advances, related party into shares of common stock 739,948  
Conversion of loans receivable for marketable equity securities   485,000
Conversion of loans receivable for investments in warrants and common stock - related party   91,483
Issuance of notes payable and convertible notes payable in payment of accrued expenses $ 420,000