XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOW FROM OPERATING ACTIVIITIES    
Net income (loss) $ (263,234) $ 183,822
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Bargain purchase gain (417,148)
Bad debt expense 14,311
Depreciation and amortization 24,806 9,437
Lease cost, net of repayment 5,724 2,880
Foreign currency (gain) loss (10,401) (277)
Changes in assets and liabilities    
Accounts receivable 56,303 (121,591)
Prepaid expenses and other current assets (84,563) 48,589
Other assets (4,276)
Accounts payable and accrued expenses 215,446 77,039
Accrued payroll and payroll taxes 20,526 3,239
Accrued duties and taxes 20,105 940
Deferred revenue (456)
Total adjustments 247,946 (387,313)
Net cash used in operating activities (15,288) (203,491)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash received in acquisition of Mann 234
Restricted cash received in acquisition of Mann 185,399
Advances of note receivable - related party (173,802)
Acquisition of fixed assets (2,011)
Net cash used in investing activities (175,813) 185,633
CASH FLOWS FROM FINANCING ACTIVITES    
Increase (decrease) in cash overdraft 37,277 (78,801)
Proceeds from long-term debt - related parties 144,759 326,273
Repayment of long-term debt - related parties (25,000) (6,500)
Proceeds from long-term debt 42,797 13,000
Repayments of long-term debt (25,284) (47,033)
Proceeds from convertible notes - related and unrelated parties
Net cash provided by financing activities 174,549 206,939
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH (16,552) 189,081
CASH AND RESTRICTED CASH - BEGINNING OF PERIOD 191,721 2,347
CASH AND RESTRICTED CASH - END OF PERIOD 175,169 191,428
CASH PAID DURING THE PERIOD FOR:    
Interest expense 55,484 13,177
Income taxes 946
Acquisition of Mann:    
Accounts receivable 506,951
Prepaid and other current assets 216,956
Right-of-use asset 576,566
Fixed assets 68,260
Other assets 37,950
Investment 42,248
Customer relationships 448,800
Tradename 49,799
Accounts payable and accrued expenses (173,197)
Accrued payroll and related taxes (325,629)
Accrued duties and taxes (66,765)
Lease liability (585,207)
Deferred revenue (3,618)
Long-term debt (90,314)
Cash overdraft (471,017)
Cash 234
Restricted cash 185,399
Total net assets acquired 417,416
Consideration per Share Exchange Agremeent 268
Goodwill/(Bargain Purchase Gain) $ (417,148)