v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
|
|
| Cash flows from operating activities: |
|
|
| Net loss |
$ (1,612,569)
|
$ (671,655)
|
| Adjustments to reconcile net (loss) to net cash provided (used) in operating activities: |
|
|
| Bad debt expense |
538,577
|
523,030
|
| Factoring expense |
71,194
|
0
|
| Issuance of common stocks for services |
0
|
5,000
|
| Obsolete inventory |
116,221
|
50,000
|
| Impairment of goodwill |
170,200
|
0
|
| Depreciation expense |
51,808
|
25,503
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable, net |
1,341,844
|
(2,547)
|
| Prepaid expenses |
(1,664)
|
(1,400)
|
| Inventories |
0
|
(24,922)
|
| Accounts payable and accrued liabilities |
(34,736)
|
(3,230)
|
| Due to related party |
(4,967)
|
(22,943)
|
| Net cash provided (used) in by operating activities |
635,908
|
(123,164)
|
| Cash flows from financing activities: |
|
|
| Repayments on notes payable |
(90,000)
|
(135,000)
|
| (Payments) proceeds from line of credit, net |
(495,000)
|
240,000
|
| Net cash (used) provided in financing activities |
(585,000)
|
105,000
|
| Net increase (decrease) in cash and cash equivalents |
50,908
|
(18,164)
|
| Cash and cash equivalents at beginning of period |
59,679
|
77,843
|
| Cash and cash equivalents at end of period |
110,587
|
59,679
|
| Supplementary disclosure of cash flow information: |
|
|
| Interest paid |
65,305
|
66,241
|
| Taxes paid |
0
|
0
|
| Supplementary disclosure of non-cash investing and financing activities: |
|
|
| Reclassification of inventory to equipment |
$ 0
|
$ 59,256
|
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| X |
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|
