Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Statements of Cash Flows (Unaudited)

v3.20.1
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,057,931) $ (1,044,862)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 510,781 137,361
Amortization of patents and website 17,794 17,794
Realized loss on sale of digital currencies 4,222 608
Change in fair value of warrant liability (9,787) 37,734
Change in fair value of mining payable 66,547
Gain on partial extinguishment of mining payable
Stock based compensation 23,238 282,180
Amortization of right-of-use assets 24,114 21,795
Changes in operating assets and liabilities:    
Accounts receivables (117,811)
Digital currencies (474,676) (230,694)
Lease liability (24,365) (21,441)
Prepaid expenses and other assets (108,324) 55,364
Accounts payable and accrued expenses 73,961 (66,975)
Net cash used in operating activities (1,072,237) (811,136)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 468,703 224,449
Net cash provided by investing activities 468,703 224,449
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock/At-the-market offering 401,891
Offering costs for the issuance of common stock/At-the-market offering (16,774)
Net cash provided by financing activities 385,117
Net decrease in cash and cash equivalents (218,417) (586,687)
Cash and cash equivalents - beginning of period 692,963 2,551,171
Cash and cash equivalents - end of period 474,546 1,964,484
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