Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash $ 1,504,225 $ 1,388,307
Accounts receivable 2,777,607 1,015,053
Inventory 991,131 1,075,401
Prepaid expenses and other current assets (related party of $0 and $70,000) 267,393 312,008
Total current assets 5,540,356 3,790,769
Security deposits 10,175 10,175
Property and equipment, net 1,828,592 1,829,544
Right of use asset - operating lease 51,563 390,098
Intellectual property, net 1,909,597 2,114,197
Total assets 9,340,283 8,134,783
Current liabilities    
Accounts payable and accrued expenses (related party of $25,000 and $206,554) 2,946,835 2,267,711
Current portion of equipment notes payable 0 2,677
Current portion of operating lease liability 43,262 340,207
Customer credits 167,000 167,000
Accrued salaries 67,478 562,430
Secured note payable - related party 0 271,686
Unsecured note payable, net of discount and issuance costs - related party 0 11,871,254
Total current liabilities 3,224,575 15,482,965
Operating lease liability 11,289 54,551
Secured note payable, net of discount - related party 219,962 0
Unsecured note payable, net of discount and issuance costs - related party 9,663,056 0
Profit share liability - related party 3,638,260 2,836,743
Total liabilities 16,757,142 18,374,259
Stockholders' deficit    
Preferred stock, $0.001 par value: 2,000,000 shares authorized, no shares issued 0 0
Common stock; $0.001 par value; 150,000,000 shares authorized; and 93,087,796 and 89,115,951 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively 93,088 89,116
Additional paid-in capital 61,188,442 56,788,321
Accumulated deficit (68,698,389) (67,116,913)
Total stockholders' deficit (7,416,859) (10,239,476)
Total liabilities and stockholders' deficit $ 9,340,283 $ 8,134,783