XML 43 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,442,738) $ (2,104,161)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 0 187,500
Allowance for doubtful accounts 0 313,414
Depreciation and amortization 41,737 20,350
Amortization of debt discount 1,939,687 55,054
Change in fair value of derivative liabilities 2,111,783 1,588,567
Gain on settlement of debt 0 (2,342)
Prepayment and Default penalty 0 8,151
Changes in operating assets and liabilities:    
Accounts receivable 522,360 (1,039,735)
Other current assets 27,075 115,073
Due from related party 0 (258,020)
Accounts payable (571,974) 585,417
Other current liabilities 128,043 174,181
Deferred tax asset 0 0
Inter-co 0 0
Net cash used in operating activities (1,244,027) (356,551)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of subsidiary 239,516 0
Purchase of fixed assets (32,007) (426)
Payment of loan receivable - related party (129,387) 0
Collection from loan receivable - related party 73,947 0
Net cash provided by (used in) investing activities 152,069 (426)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Bank overdraft (82) 82
Proceeds from loans payable 424,960 796,864
Repayments of loans payable (527,239) (830,265)
Proceeds from loans payable - related parties 46,438 800
Repayment of loans payable - related parties (38,400) (850)
Capital contribution 10,000 30,000
Due to related parties 0 (3,400)
Common stock issued 0 134,800
Subscription receivable 0 8,750
Proceeds from convertible notes 2,266,250 201,500
Repayment of convertible notes (824,401) 0
Net cash provided by financing activities 1,357,526 338,281
Effect of exchange rate changes on cash 365 0
Net change in cash and cash equivalents 265,933 (18,696)
Cash and Cash Equivalents, at Carrying Value, Beginning Balance 4,570 23,266
Cash and Cash Equivalents, at Carrying Value, Ending Balance 270,503 4,570
Supplemental cash flow information    
Cash paid for interest 678,663 392,074
Cash paid for taxes 0 0
Non-cash transactions:    
Derivative liabilities recognized as debt discount 1,313,350 201,500
Related party debt forgiveness 0 45,200
Common stock issued in conjunction with convertible notes 817,900 0
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments 33,750 0
Common stock issued for cashless warrant exercised 39,760 0
Resolution of derivative liabilities 430,495 0
Debt forgiveness $ 406,080 $ 45,200