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 $ (3,517,065) $ (12,814,324)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 923,304 2,003,695
Amortization of patents and website 71,177 66,017
Realized (gain) loss on sale of digital currencies (36,092) 152,485
Change in fair value of warrant liability (26,234) (1,699,522)
Change in fair value of mining payable (507,862)
Impairment of mining equipment 2,222,688
Impairment of leasehold improvements 447,776
Stock based compensation 933,682 1,425,683
Amortization of debt discount 2,290,028
Amortization of right-of-use assets 82,840
Bad debt allowance 6,826
Break-up fee - issuance of shares to GBV 2,850,000
Changes in operating assets and liabilities:    
Digital currencies (1,185,227) (1,495,402)
Lease liability (72,548)
Litigation liability (2,150,000)
Prepaid expenses and other assets (435,159) (371,151)
Accounts payable and accrued expenses 2,753 (725,594)
Net cash used in operating activities (3,318,655) (8,238,571)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 1,220,178 1,342,917
Acquisition of patents (250,000)
Purchase of property and equipment (5,225) (5,251,719)
Net cash provided by (used in) investing activities 1,214,953 (4,158,802)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock/At-the-market offering 255,893
Offering costs for the issuance of common stock/At-the-market offering (10,399)
Net cash provided by financing activities 245,494
Effect of foreign exchange rate changes 15
Net decrease in cash and cash equivalents (1,858,208) (12,397,358)
Cash and cash equivalents - beginning of period 2,551,171 14,948,529
Cash and cash equivalents - end of period 692,963 2,551,171
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest expense
Cash paid during the year for income taxes
Supplemental schedule of non-cash investing and financing activities:    
Par value adjustment due to reverse split 1
Conversion of Series E Preferred Stock to common stock 551
Common stock issued for acquisition of patents 960,000
Common stock issued for purchase of assets 3,064,687
Common stock issued for note conversion 3,055,588
Restricted stock issuance 15 44
Mining servers payable 1,021,562
Warrants exercised into common shares $ 55,791