Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:    
Net (loss) income $ (46,402,121) $ 977,858
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Goodwill impairment 29,612,700
Loss on disposal of asset
Common stock payable for services 183,669
Contributed services 63,734 554,123
Stock based compensation 10,469,018 529,400
Depreciation 12,718 16,692
Amortization of intangible assets 2,802,685 600
Amortization of debt discount 70,751 493
Loss on stock payable share adjustment 215,531
Changes in operating assets and liabilities:    
Accounts receivable, related party (70,188) (1,932,956)
Accounts receivable (1,767,793) 87,016
Prepaid expenses and other assets (785,943) 700,061
Inventory 5,674,096 131,082
Operating lease right of use asset 61,353 24,149
Accounts payable 438,655 98,661
Other payables and accrued liabilities, related party 27,081 (195,063)
Other payables and accrued liabilities 325,985 (772,074)
Operating lease liability (61,605) (25,934)
Net Cash Provided By Operating Activities 686,657 377,777
Cash Flows From Investing Activities:    
Cash acquired in Acquisition of Business, net of cash paid 143,099 (1,459,661)
Purchases of intangibles (336,670)
Purchases of property & equipment (36,436)
Net Cash (Used In) in Investing Activities (230,007) (1,459,661)
Cash Flows From Financing Activities:    
Advances / loans from related parties 800,000 2,472,500
(Repayment of advances)/borrowings from related parties   (276,382)
Proceeds from notes payable 127,148 92,334
Proceeds from notes receivable 95,640
Payments on notes payable (102,431) (84,154)
Proceeds on Line of Credit 1,552,281
Payment on Line of Credit (2,517,034)
Proceeds from issuance of common stock 150,494
Repurchase of common stock (131,400) (131,400)
Net Cash (Used In) Provided By Financing Activities (175,796) 2,223,392
Net Increase In Cash 280,854 1,141,508
Cash - Beginning of Period 1,480,371 338,863
Cash - End of Period 1,761,225 1,480,371
Supplemental Cash Flow Information:    
Interest paid 592,934 70,766
Income taxes
Noncash operating and financing activities:    
Treasury stock payable
Non-cash issuance of stock payable 600,729
Reclass of offering costs to additional paid-in capital 135,434
Reclass of investment in Company to additional paid-in capital 150,000
Estimated fair value of shares issued in acquisitions 30,071,067 25,428,836
Estimated fair value of shares payable to be issued for acquisitions 36,931,330 7,114,513
Debt discount on notes payable issued with warrants $ 18,282 $ 52,960