Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,090,499) $ (12,679,438)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt provision 8,091 55,133
Depreciation 311,761 314,780
Change in straight-line rent receivable (51,246) 7,554
Amortization of right-of-use asset 127,020 63,695
Stock-based compensation and service expense 2,110,169 5,494,033
Loss on equity method investment 60,463 51,673
Loss on fixed assets disposal 2,679
Changes in operating assets and liabilities:    
Accounts receivable - related party 217,394
Rent receivable (168) (82,174)
Rent receivable - related party (33,600)
Security deposit 6,847
Deferred leasing costs 21,203
Prepaid expenses and other assets 95,133 (206,632)
Accrued liabilities and other payables 1,330,890 (845,864)
Accrued liabilities and other payables - related parties 200,477 118,762
Operating lease obligation (121,020) (57,695)
NET CASH USED IN OPERATING ACTIVITIES (5,024,479) (7,546,100)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (17,502)
Improvement of commercial real estate (10,332) (111,213)
Additional investment in equity method investment (40,301) (57,972)
CASH USED IN INVESTING ACTIVITIES (68,135) (169,185)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayments of note payable - related party (200,000)
Proceeds received from loan payable - related party 2,550,262 600,000
Proceeds received from equity offering 2,860,304 7,804,099
Disbursements for equity offering costs (240,434) (539,818)
NET CASH PROVIDED BY FINANCING ACTIVITIES 5,170,132 7,664,281
EFFECT OF EXCHANGE RATE ON CASH 3,443 12,690
NET INCREASE (DECREASE) IN CASH 80,961 (38,314)
CASH - beginning of year 726,577 764,891
CASH - end of year 807,538 726,577
Cash paid for:    
Interest 50,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued for future services 155,700 34,629
Common stock issued for accrued liabilities 276,032 187,725
Deferred financing costs in accrued liabilities 57,599
Accrued professional fees relieved for shares issued 202,500
Related party loan settled in shares $ 3,000,000