Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities    
Net loss $ (4,489,198) $ (3,192,315)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 293,837 398,605
Depreciation and amortization 1,574,913 1,570,593
Deferred tax liability 105,650 (68,808)
Amortization of debt discount 140,837 322,947
Provision for doubtful debts (39,108) 161,788
Loss on foreign exchange transactions 153,692 121,904
Loss on disposal of property and equipment   294
Interest on lease liabilities 131,291  
Changes in operating assets and liabilities:    
Accounts receivable (30,554) 157,720
Other receivable (66,000)  
Prepaid expenses and other current assets (1,927,176) (483,682)
Inventory 20,013 (6,973)
Accounts payable 256,562 334,949
Accrued expenses and other current liabilities 254,080 117,632
Deferred revenue 1,015,200 (1,684,719)
Deferred tax liability (257,953) 138,053
Other non-current liabilities (217,291) (25,147)
Total adjustments 1,407,993 1,065,102
Net Cash Used In Operating Activities (3,081,205) (2,127,213)
Cash Flows From Investing Activities    
Purchase of intangible assets (804,314) (437,764)
Purchase of equipment (77,797) (233,823)
Sale of equipment   25,236
Deposit on investment in UAV   (516,296)
Net Cash Used In Investing Activities (882,111) (1,162,647)
Cash Flows From Financing Activities    
Amount due to/from related party (154,345) 13,459
Proceeds from sale of future shares 953,087  
Proceeds from convertible debt, net of issuance costs   1,819,145
Proceeds from equity issuances, net of issuance costs 3,127,442 2,222,000
Operating lease liability payments (758,522) (420,675)
Repayments of loans payable (71,967) (551,946)
Net Cash Provided By Financing Activities 3,095,695 3,081,983
Effect of Exchange Rate Changes on Cash 379,408 (809,067)
Net Increase (Decrease) In Cash (488,213) (1,016,944)
Cash - Beginning of year 2,273,151 3,290,095
Cash - End of year 1,784,938 2,273,151
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for interest 202,176 335,606
Non-Cash Investing and Financing Activities    
Treasury stock adjustment   494,476
Condonation of loan   400,000
Shares issued for subscription receivable   915,763
Shares issued in satisfaction of a liability, net of derivative liability (2020: $250,000)   100,000
Shares issued for the acquisition of Entrepreneur Resorts and Wealth Dynamics   17,798,374
Shares issued for conversion of convertible notes $ 293,837 $ 2,664,004