Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net Income (Loss) |
$ (5,021,703)
|
$ (2,277,116)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock based compensation & Settlement Expense |
2,262,322
|
2,107,692
|
| Common stock issued for Service |
397,042
|
|
| Depreciation of fixed assets |
66,012
|
64,008
|
| Amortization of Right of use asset |
149,861
|
|
| Amortization of intangible assets |
20,380
|
7,326
|
| Amortization of loan costs |
128,696
|
155,474
|
| Settlement of Accounts Payable |
|
(388,199)
|
| Changes in operating assets and liabilities: |
|
|
| Receivables |
2,517,585
|
884,240
|
| Inventories |
1,804,241
|
5,220,684
|
| Advances to affiliated supplier |
(146,316)
|
(1,139,619)
|
| Other current assets |
(12,930)
|
9,068
|
| Change in Right of use Liability |
(130,450)
|
|
| Accounts payable and accruals |
(457,576)
|
(1,001,820)
|
| Net cash provided by (used) in operating activities |
1,577,164
|
3,641,738
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Net Cash Paid for Acquisition |
(260,667)
|
|
| Purchases of fixed assets |
(9,038)
|
(26,681)
|
| Net cash used in investing activities |
(269,705)
|
(26,681)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from Common Stock Offering |
22,000
|
725,000
|
| Proceeds from working capital lines of credit |
21,545,968
|
32,503,116
|
| Repayments of working capital lines of credit |
(23,993,616)
|
(36,408,541)
|
| Proceeds from Related Party Notes Payable |
1,100,000
|
|
| Repayments of Releated Party Notes Payable |
(127,500)
|
|
| Principal payments of long-term debt |
(30,866)
|
(37,659)
|
| Payments of Loan costs |
(25,000)
|
(70,000)
|
| Net cash provided by (used) in financing activities |
(1,509,014)
|
(3,288,084)
|
| Effect of exchange rate changes on cash |
50,141
|
(38,622)
|
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
(151,416)
|
288,351
|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD |
347,226
|
58,875
|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD |
195,810
|
347,226
|
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY |
|
|
| Series A 8% Dividend issued in Common Stock |
113,041
|
16,328
|
| Reverse Merger Recapitalization |
|
2,400
|
| Valuation of Right of Use asset/liability |
1,257,751
|
|
| Shares issued for acquisition |
2,590,000
|
|
| Related Party Notes recognized from Business Acquisition |
710,000
|
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Cash paid for interest |
$ 1,068,796
|
$ 995,088
|