XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,909,203) $ (1,025,578)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 500,034 0
Write-off of due from related party 43,375 0
Depreciation and amortization 13,425 12,557
Amortization of debt discount 457,579 151,542
Change in fair value of derivative liabilities 1,660,023 1,008,069
Prepayment and Default penalty 48,729 0
Changes in operating assets and liabilities:    
Accounts receivable 359,756 (27,760)
Other current assets (4,568) (44,051)
Accounts payable (9,060) (315,015)
Other current liabilities 298,026 (80,913)
Net cash used in operating activities (541,884) (321,149)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (45,280) 0
Payment of due from related parties - related party (13,399) 0
Net cash used in investing activities (58,679) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Bank overdraft 0 (82)
Proceeds from loans payable 210,000 0
Repayments of loans payable (98,646) (95,142)
Proceeds from loans payable - related parties 182 21,438
Repayment of loans payable - related parties (162) (21,400)
Contribution 0 10,000
Proceeds from convertible notes 810,000 586,000
Repayment of convertible notes (334,500) (113,151)
Net cash provided by financing activities 586,874 387,663
Effect of exchange rate changes on cash 486 0
Net change in cash and cash equivalents (13,203) 66,514
Cash and Cash Equivalents, at Carrying Value, Beginning Balance 270,503 4,570
Cash and Cash Equivalents, at Carrying Value, Ending Balance 257,300 71,084
Supplemental cash flow information    
Cash paid for interest 173,749 108,616
Cash paid for taxes 0 0
Non-cash transactions:    
Derivative liabilities recognized as debt discount 0 286,000
Common stock issued for acquisition of Itsbchain LLC, Value 50,000 0
Common stock issued in conjunction with convertible notes 0 250,000
Common stock issued for conversion of debt 273,968 0
Stock Issued During Period, Value, Stock Options Exercised 2,235 0
Resolution of derivative liabilities 2,567,348 0
Common stock issued for settlement of debt. Value $ 202,500 $ 0