Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,579,122) $ (13,277,810)
Adjustments to reconcile net loss to    
Bad debt provision 4,689  
Depreciation and amortization 232,772 430,039
Amortization of straight-line rent receivable (15,947)  
Stock-based compensation and service expense 3,965,164 7,003,077
Loss from equity method investment 35,382 48,353
Loss on fixed asset disposal 2,643  
Changes in warrants derivative liabilities   (1,621,630)
Allocated financing costs   525,418
Impairment loss   1,010,011
Changes in operating assets and liabilities:    
Accounts receivable   48
Accounts receivable - related party 214,454 (174,818)
Rent receivable (94,349) (15,047)
Prepaid expenses - related parties   34,257
Prepaid expenses and other current assets (352,526) 240,563
Security deposit   101,318
Accrued liabilities and other payables (680,758) 326,686
Accrued liabilities and other payables - related parties 75,457 39,833
Operating lease obligation 6,000  
Tenants’ security deposit 943 11,537
NET CASH USED IN OPERATING ACTIVITIES (6,185,198) (5,318,165)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment   (379,279)
Improvement of commercial real estate   (16,321)
Prepayment made for purchase of long-term assets   (26,223)
Additional investment in equity method investment (28,594) (116,545)
NET CASH USED IN INVESTING ACTIVITIES (28,594) (538,368)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received from note payable - related party   1,000,000
Repayments of note payable - related party (200,000) (410,000)
Proceeds received from loan payable - related party 300,000  
Proceeds received from offering 7,233,678 6,000,008
Disbursements for offering costs (491,895) (896,304)
Repayments of loan payable   (1,000,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 6,841,783 4,693,704
EFFECT OF EXCHANGE RATE ON CASH 2,628 (17,118)
NET INCREASE (DECREASE) IN CASH 630,619 (1,179,947)
CASH - beginning of period 764,891 2,252,287
CASH - end of period 1,395,510 1,072,340
Cash paid for:    
Interest 50,000 112,217
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired on credit as payable   $ 80,723
Improvement of commercial real estate acquired on credit as payable 38,400  
Common stock issued for future services 25,996  
Deferred financing costs in accrued liabilities $ 13,390