Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets    
Cash $ 591,019 $ 1,499,287
Accounts receivable 1,116,082 1,222,874
Inventory 560,127 513,498
Prepaid expenses and other assets 107,443 316,199
Total current assets 2,374,671 3,551,858
Property and equipment, net 1,887,029 2,082,343
Right of use asset 795,869 1,106,575
Intellectual property 2,318,796 2,532,462
Total assets 7,376,365 9,273,238
Current liabilities    
Accounts payable and accrued expenses (related party of $168,750 and $43,750) 1,611,956 1,676,757
Current portion of equipment notes payable 29,255 53,304
Current portion of note payable 34,661 0
Current portion of operating lease liability 407,975 383,307
Current portion of convertible notes payable, net of discount and issuance costs 0 990,000
Accrued interest 259,230 226,065
Customer credits 167,000 167,000
Accrued salaries 848,706 357,095
Total current liabilities 3,358,783 3,853,528
Equipment notes payable, less current portion 789 22,386
Operating lease liability 394,625 807,409
Note Payable 299,300 0
Convertible notes payable, net of discount and issuance costs 4,055,122 2,951,137
Profit share liability - related party 2,305,308 2,328,845
Secured note payable - related party 271,686 271,686
Unsecured note payable, net of discount and issuance costs - related party 9,894,284 7,911,898
Total liabilities 20,579,897 18,146,889
COMMITMENTS AND CONTINGENCIES (Note 11) 0 0
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; 78,096,326 and 76,747,750 shares issued and outstanding as of December 31, 2020 and 2019, respectively 78,096 76,748
Additional paid-in capital 50,202,478 48,708,085
Accumulated deficit (63,484,106) (57,658,484)
Total stockholders' deficit (13,203,532) (8,873,651)
Total liabilities and stockholders' deficit $ 7,376,365 $ 9,273,238