SOLARFLEX CORP

CIK:0001494162|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenue	$ 449,434	$ 2,825,676
Cost of sales	431,604	2,821,191
Gross profit	17,830	4,485
Operating expenses:
Marketing Expense	188,645	228,686
General and administrative	8,622,461	6,282,352
Depreciation	44,855	65,086
Total operating expenses	8,855,961	6,576,124
Operating loss before other income (expense)	(8,838,131)	(6,571,639)
Other income (expense):
Interest expense	(367,487)	(68,164)
Interest expense, related party	(71,493)	(28,066)
Amortization of debt discount	(4,355,449)	(183,500)
Financing costs	(3,678,742)	(927,009)
Change in fair value of derivative liability	227,417	(17,000)
Change in fair value of warrant liability	(839,000)	140,000
Penalties and loss on conversion of debt	(2,003,921)	(666,744)
Other expenses	(21,184)	(71,538)
Total other expense	(11,109,859)	(1,822,021)
Loss before income taxes	(19,947,990)	(8,393,660)
Provision for income taxes
Net loss	(19,947,990)	(8,393,660)
Other comprehensive loss adjustments, net of tax:
Foreign currency translation adjustments	104,043	(80,197)
Total other comprehensive income, net of tax	104,043	(80,197)
Total comprehensive loss, net of tax	$ (19,843,947)	$ (8,473,857)
Loss per share - Basic and diluted	$ (0.39)	$ (0.51)
Weighted average shares outstanding - Basic and diluted	51,010,857	16,525,360

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (19,947,990)	$ (8,393,660)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	44,855	65,086
Amortization of debt discount	4,355,449	183,500
Common stock issued for services	2,047,274	3,581,884
Change in fair value of derivative liability	(227,417)	17,000
Change in fair value of warrant liability	839,000	(140,000)
Penalties and loss on conversion of debt	412,257	666,744
Allowance for bad debt	20,000
Loss on conversion of preferred stock	1,524,973	190,255
Loss on modification of warrant exercise price		71,117
Financing costs	3,678,742	927,009
Preferred stock issued for services	3,559,417	871,000
Changes in net assets and liabilities:
(Increase) decrease in accounts receivable	(35,792)	25,015
(Increase) decrease in other receivable	(58,574)
(Increase) decrease in inventory	(980)	(13,204)
(Increase) decrease in deposits	(37,223)
(Increase) decrease in prepaid expenses	(1,480,766)	29,106
(Increase) decrease in other assets	1,634,378	167,690
Increase (decrease) in accounts payable	40,370	33,549
Increase (decrease) in accrued liabilities	195,099	8,127
Increase (decrease) in accrued interest	367,396	39,447
CASH USED IN OPERATING ACTIVITIES	(3,300,532)	(2,037,691)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment	(58,039)	(23,124)
Cash paid for convertible notes receivable	(448,134)
Cash received from acquisition		11,474
CASH USED IN INVESTING ACTIVITIES	(506,173)	(11,650)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on promissory note, related party	(303,760)
Payments on payable to related party	(7,339)
Proceeds from issuance of common stock	146,374
Proceeds from convertible debentures	4,344,266	1,519,000
Payments on convertible debentures	(444,658)
Issuance of Series A PS for cash		500,000
Repurchase of common stock	(86,340)
Shares issued upon exercise of warrants		100,000
CASH PROVIDED BY FINANCING ACTIVITIES	3,648,543	2,119,000
FOREIGN CURRENCY TRANSLATION ADJUSTMENT	104,043	(80,197)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(54,119)	(10,538)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	150,091	160,629
CASH AND CASH EQUIVALENTS AT END OF YEAR	95,972	150,091
Supplemental disclosure of cash flow information:
Interest expense paid
Non-cash Investment and Financing Activities:
Common shares issued upon conversion of debt	3,332,970	891,177
Common shares issued upon conversion of preferred stock	125	22
Non-cash exercise of warrants	724
Issuance of preferred shares for acquisition	2,372,925
Notes receivable for convertible debentures		120,000
Issuance of promissory note for acquisition		$ 1,200,000

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 95,972	$ 150,091
Accounts receivable, net	47,865	5,778
Accounts receivable - related party		6,295
Other receivable	72,610	14,036
Notes receivable	428,134	120,000
Prepaid expenses	1,527,034	79,012
Inventory	16,692	15,712
Deposits	48,083	10,861
Total current assets	2,236,390	401,785
Prepaid expenses, net of amortization	823,726
Other assets, net of amortization		52,415
Fixed assets, net of accumulated depreciation of $411,492 and $327,192, respectively	662,882	649,698
Total assets	3,722,998	1,103,898
Current liabilities
Accounts payable	114,543	52,555
Accrued expenses	198,071	2,972
Accrued interest	151,049	60,232
Accrued interest, related party	91,559	24,066
Tax payable	11,611	12,198
Payable to Related party	750,882	758,221
Promissory note, related party	600,000	600,000
Convertible debentures, net of discount of $1,106,571 and $435,000 as of December 31, 2019 and December 31, 2018, respectively	1,674,994	1,304,853
Derivative liability	3,708,000	807,000
Warrant liability	1,195,000	374,000
Total current liabilities	8,495,709	3,996,097
Promissory note, related party, less current portion	296,240	600,000
Total liabilities	8,791,949	4,596,097
Commitments and contingencies (Note 11)
Stockholders' deficit
Common stock, par value $0.0001 per share; 2,000,000,000 and 500,000,000 shares authorized as of December 31, 2019 and 2018, respectively; 103,709,986 issued and outstanding at December 31, 2019 and 22,089,033 issued and outstanding at December 31, 2018	10,370	2,208
Treasury stock, at cost; 616,000 shares at December 31, 2019	(86,340)
Additional paid-in capital	33,042,152	14,696,799
Accumulated deficit	(38,093,069)	(18,145,079)
Stock payable	34,000	34,000
Accumulated other comprehensive income	23,846	(80,197)
Total stockholders' deficit	(5,068,951)	(3,492,199)
Total liabilities and stockholders' deficit	3,722,998	1,103,898
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value		20
Series B Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value	50	50
Series C Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value
Series D Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value	20
Series E Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value	$ 20