Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (18,070,161) $ (8,052,296)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 506,744 522,835
Stock-based compensation and service expense 9,209,147 3,092,981
Loss on equity method investment 55,776 52,969
Change in warrants derivative liabilities (2,817,241)
Allocated financing costs 525,418
Impairment loss 1,010,011
Loss from noncontrolling interest deficit adjustment [1] 862,200
Loss on fixed assets disposal 344
Changes in operating assets and liabilities,    
Accounts receivable 4,948 (114)
Accounts receivable - related party (217,080)
Straight-line rent receivable (80,510) (4,015)
Prepaid expenses - related parties 34,043 (35,450)
Prepaid expenses and other current assets 480,460 (468,412)
Security deposit 102,102 (96,629)
Accrued liabilities and other payables 1,230,029 642,215
Accrued liabilities and other payables - related parties 72,362 (24,520)
Tenants' security deposit 11,537 (25,588)
NET CASH USED IN OPERATING ACTIVITIES (7,079,871) (4,396,024)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (377,454) (113,148)
Improvement of commercial real estate (16,321) (391,506)
Investment in equity method investment (159,192) (453,159)
Payment for previously acquired business (350,000)
NET CASH USED IN INVESTING ACTIVITIES (552,967) (1,307,813)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received from note payable - related party 1,000,000
Repayments of note payable - related party (410,000)
Repayments of loan payable (1,000,000) (500,000)
Proceeds received from loan payable - related party 2,600,000
Repurchase of warrants (1,400,000)
Repurchase of common stock (522,500)
Refund for refundable deposit in connection with Share Subscription Agreement (1,000,000)
Proceeds received from offering 6,273,744 7,551,013
Disbursements for offering costs (908,834) (486,296)
NET CASH PROVIDED BY FINANCING ACTIVITIES 6,154,910 5,042,217
EFFECT OF EXCHANGE RATE ON CASH (9,468) (113,126)
NET DECREASE IN CASH (1,487,396) (774,746)
CASH - beginning of year 2,252,287 3,027,033
CASH - end of year 764,891 2,252,287
Cash paid for:    
Interest 109,056 377,421
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired on credit as payable 80,190 6,646
Acquisition of equipment by decreasing prepayment for equipment 151,053
Common stock issued for future services 124,583 495,750
Common stock issued for accrued liabilities 116,575 10,000
Refundable deposit exchange for common shares $ 2,000,000
[1] The noncontrolling interest holder does not have the ability to satisfy the deficit of $862,200.