Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash $ 1,388,307 $ 591,019
Accounts receivable 1,015,053 1,116,082
Inventory 1,075,401 560,127
Prepaid expenses and other current assets (related party of $70,000 and $0) 312,008 95,188
Total current assets 3,790,769 2,362,416
Security deposits 10,175 12,255
Property and equipment, net 1,829,544 1,887,029
Right of use asset 390,098 795,869
Intellectual property 2,114,197 2,318,796
Total assets 8,134,783 7,376,365
Current liabilities    
Accounts payable and accrued expenses (related party of $206,554 and $168,750) 2,267,711 1,611,956
Current portion of equipment notes payable 2,677 29,255
Current portion of operating lease liability 340,207 407,975
Current portion of note payable 0 34,661
Accrued interest 0 259,230
Customer credits 167,000 167,000
Accrued salaries 562,430 848,706
Secured note payable - related party 271,686 0
Unsecured note payable, net of discount and issuance costs - related party 11,871,254 0
Total current liabilities 15,482,965 3,358,783
Equipment notes payable, less current portion 0 789
Operating lease liability 54,551 394,625
Note payable 0 299,300
Convertible notes payable, net of discount and issuance costs 0 4,055,122
Profit share liability - related party 2,836,743 2,305,308
Secured note payable - related party 0 271,686
Unsecured note payable, net of discount and issuance costs - related party 0 9,894,284
Total liabilities 18,374,259 20,579,897
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; 89,115,951 and 78,096,326 shares issued and outstanding as of December 31, 2021 and 2020, respectively 89,116 78,096
Additional paid-in capital 57,788,321 50,202,478
Accumulated deficit (67,116,913) (63,484,106)
Total stockholders' deficit (10,239,476) (13,203,532)
Total liabilities and stockholders' deficit $ 8,134,783 $ 7,376,365