Annual report pursuant to Section 13 and 15(d)

Consolidated and Combined Statements of Cash Flows

v3.21.1
Consolidated and Combined Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss from continuing operations $ (20,590,973) $ (17,443,358)
Net income from discontinued operations (1,021,674)
Net loss (20,590,973) (18,465,032)
Adjustments to reconcile net loss to net cash flows from continuing operations    
Depreciation and amortization 1,525,367 1,842,352
Amortization of operating lease assets 1,081,052 1,701,962
Asset impairment charges 1,578,464 9,149,852
Gain from extinguished lease liabilities (506,185)  
ROU liability remeasurement (224,317)
Warrant issued for True-Up Payment extension 28,060
Write down of investment 435,000
Common stock and warrants issued for services 24,507
Stock-based compensation 126,829
Loss on warrant inducement 105,089
Loss (gain) on investments 1,232,037 (21,616)
Gain on tax settlements (195,982)
Amortization of debt discount 134,208
Loss on extinguishment of redeemable Series 1 Preferred 161,900
Loss on debt extinguishment 11,808,111
Gain on derivative liabilities revaluation (616,200)
Change in assets and liabilities    
Accounts and other receivables (33,444) 180,431
Prepaid and other assets (29,302) (152,588)
Inventories 107,686 (68,163)
Accounts payable and accrued expenses 377,248 2,134,821
Change in amounts payable to related parties (185,726)
Deferred income taxes 6,505 25,539
Operating lease liabilities (1,491,899) (1,793,197)
Contract liabilities (164,456) (215,061)
Net cash flows from operating activities (5,616,136) (4,349,309)
Net cash used in operating activities from discontinued operations 302,759
Net cash used in operations (5,616,136) (4,046,550)
Cash flows from investing activities:    
Purchase of property and equipment (63,751) (472,882)
Proceeds from tenant improvement allowances 335,075
Proceeds from sale of assets 525,872
Net cash flows provided by (used in) investing activities (63,751) 388,065
Net cash used in investing activities from discontinued operations 290,604
Net cash provided by (used in) investing activities (63,751) 678,669
Cash flows from financing activities:    
Proceeds from the sale of common stock and warrants 153,055
Proceeds from rights offerings, net 2,694,530
Proceeds from Series 2 Preferred 1,405,000
Proceeds from warrant exercises 885,046
Redemption of Series 1 Preferred (880,290)
Loan proceeds 2,991,676
Loan repayments (2,706,036)
Merger consideration, net 5,411,745
Distributions to non-controlling interests (79,188)
Contributions from non-controlling interests 575,000
Net cash flows provided by financing activities 7,107,141 3,343,397
Net cash used in financing activities from discontinued operations
Net cash flows provided by financing activities 7,107,141 3,343,397
Effect of exchange rate of cash 533 1,390
Net increase (decrease) in cash and restricted cash 1,427,787 (23,094)
Cash and restricted cash, beginning of year 501,017 524,111
Cash and restricted cash, end of year 1,928,804 501,017
Supplemental cash flow information:    
Interest 471,707 556,352
Income taxes 25,956 110,707
Non-cash investing and financing activities    
Preferred stock dividends paid through issuance of common stock 19,523 77,144
Common stock issued for the payment of directors fees 444,119
Convertible debt and notes payable settled through subscriptions in the rights offerings 3,075,000
Fixed asset additions included in accounts payable and accrued expenses at year end 330,771
Conversion of Preferred stock - Series 2 to common stock 416,392
Accrued interest paid through warrant exercise 318,700
Bifurcation of derivative liability from Preferred Stock - Series 2 529,000
Warrant portion of merger consideration 1,628,909
Reclassification of warrants and conversion feature from liability to equity $ 11,894,000