XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flow from operating activities:    
Net loss $ (3,089,095) $ (2,468,875)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 164,520 4,955
Accretion of debt discount 70,180
Amortization of lease right (148) (500)
Stock based compensation 1,923,105 2,094,190
Impairment of cryptocurrency 106,105
PPP loan forgiveness (197,662)
Changes in operating assets and liabilities:    
Accounts receivable 307 33,452
Prepaid expenses (56,414) (302,292)
Inventory 1,906 (68,339)
Cryptocurrency, net of mining fees (336,187)
Current assets associated with discontinued operations 226,988
Security deposits 102
Assets associated with discontinued operations (231,294)
Accounts payable and accrued expenses 446,413 153,878
Accrued and unpaid dividends on preferred stock (99,600) (56,898)
Liabilities associated with discontinued operations (8,384) (640,587)
Net cash used in operating activities (1,145,134) (1,185,040)
Cash flow from investing activities:    
Deposits on mining equipment, net 707,810
Purchase of property and equipment (2,111,932)
Net cash used in investing activities (1,404,122)
Cash flow from financing activities:    
Proceeds from the issuance of series B preferred stock and warrants, net 1,725,000
Proceeds from the exercise of warrants 900,000
Proceeds (paydown) of SBA/PPP loans payable (14,033) 197,662
Net cash provided by financing activities 885,967 1,922,662
Net increase (decrease) in cash and cash equivalents (1,663,289) 737,622
Cash and cash equivalents, beginning of period 2,785,188 1,897,703
Cash and cash equivalents, end of period 1,121,899 2,635,325
Supplemental disclosures of cash flow information:    
Cash paid for income taxes
Cash paid for interest
Supplemental disclosures of noncash investing and financing activity:    
Issuance of series A preferred stock to settle accrued liabilities and compensation 160,720 433,880
Issuance of series B preferred stock to settle accrued liabilities 111,459
Conversion of preferred stock to common stock 239
Conversion of secured convertible debentures to common stock $ 6,300