Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.20.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,902,383) $ (18,749,163)
Loss from discontinued operations 2,425,223 15,846,385
Loss from continuing operations (2,477,160) (2,902,778)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 280,275 82,436
Non-cash interest expense 0 672,144
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 39,040 (220,845)
Accounts payable and accrued expenses 48,009 1,305,071
NET CASH USED IN OPERATING ACTIVITIES - CONTINUING OPERATIONS (2,109,836) (1,063,972)
NET CASH USED IN OPERATING ACTIVITIES - DISCONTINUED OPERATIONS (1,485,004) (9,502,946)
NET CASH USED IN OPERATING ACTIVITIES (3,594,840) (10,566,918)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash received upon acquisition 0 4,947,023
Proceeds from sale of component, net of cash relinquished 0 1,995,634
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES - CONTINUING OPERATIONS 0 6,942,657
NET CASH USED IN INVESTING ACTIVITIES - DISCONTINUED OPERATIONS (142,458) (497,102)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (142,458) 6,445,555
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of common stock 2,000,001 300,000
Financing fees in connection with the sale of common stock (15,000) 0
Common stock reserved and retired in connection with excess tax benefits paid (193,189) 0
Proceeds from the sale of Series H-5 preferred stock and warrants 2,500,000 0
Financing fees in connection with the sale of Series H-5 preferred stock and warrants (200,000) 0
Proceeds from the sale of Series H-4 preferred stock and warrants 0 6,000,000
Financing costs from the sale of Series H-4 preferred stock and warrants 0 (101,661)
Proceeds from issuance of common stock in connection with exercise of H-4 warrants 16,667 936,423
Proceeds from the sale of Series K Warrants 0 983,333
Financing costs from the sale of Series K warrants 0 (15,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES - CONTINUING OPERATIONS 4,108,479 8,103,095
NET CASH USED IN FINANCING ACTIVITIES - DISCONTINUED OPERATIONS 0 (50,263)
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,108,479 8,052,832
Net increase in cash, including cash classified within current assets held for sale 371,181 3,931,469
Less: Net increase in cash classified within current assets held for sale 0 (43,559)
Net increase in cash 371,181 3,887,910
Cash, beginning of period 3,887,910 0
Cash, end of period 4,259,091 3,887,910
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 0 0
Cash paid for taxes 0 0
Issuance of common stock for accrued stock based compensation 4,724 0
Assets acquired under operating leases included in assets held for sale 23,040 0
NON-CASH FINANCING ACTIVITIES:    
Stock issued to WPCS Shareholder in the merger net of cash received of $4,947,023 0 4,845,200
Series H-4 offering cost paid in H-4 shares and warrants 0 568,648
Stock issued for convertible note payable 0 3,682,502
Stock issued for accrued interest on convertible note payable 0 159,584
Deemed dividends on warrant issuances 0 1,399,656
Deemed dividends on Series H-4 warrant and preferred stock modification $ 57,875 $ 0