Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,219,127) $ (1,610,742)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,010,270 274,722
Amortization of patents and website 35,588 35,588
Realized gain on sale of digital currencies (4,260) (24,444)
Change in fair value of warrant liability (3,224) 76,304
Change in fair value of mining payable 66,547
Stock based compensation 671,988 412,475
Amortization of right-of-use assets 52,117 44,259
Changes in operating assets and liabilities:    
Accounts receivables
Digital currencies (878,648) (586,459)
Lease liability (53,736) (43,672)
Prepaid expenses and other assets 58,886 122,853
Accounts payable and accrued expenses 173,555 (169,992)
Net cash used in operating activities (2,090,044) (1,469,108)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 775,349 606,363
Purchase of property and equipment (1,277,455)
Deposit for purchase of the miners (4,195,200)
Net cash provided by investing activities (4,697,306) 606,363
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received on issuance of notes payable 62,500
Proceeds from issuance of common stock/At-the-market offering 7,061,603
Offering costs for the issuance of common stock/At-the-market offering (254,597)
Net cash provided by financing activities 6,869,506
Net decrease in cash and cash equivalents 82,156 (862,745)
Cash and cash equivalents - beginning of period 692,963 2,551,171
Cash and cash equivalents - end of period 775,119 1,688,426
Supplemental schedule of non-cash investing and financing activities:    
Par value adjustment due to reverse split 1
Common stock issued for purchase of mining servers 171,622
Reduction of share commitment for purchase of mining servers 408,625
Common stock issued for note conversion $ 1,579,074