Financials

v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets    
Cash $ 508,614 $ 1,388,307
Accounts receivable 2,963,012 1,015,053
Inventory 847,675 1,075,401
Prepaid expenses and other current assets (related party of $0 and $70,000) 611,105 312,008
Total current assets 4,930,406 3,790,769
Security deposits 10,175 10,175
Property and equipment, net 1,818,682 1,829,544
Right of use asset - operating lease 188,464 390,098
Intellectual property, net 2,011,897 2,114,197
Total assets 8,959,624 8,134,783
Current liabilities    
Accounts payable and accrued expenses (related party of $231,250 and $206,554) 2,859,133 2,267,711
Current portion of equipment notes payable 0 2,677
Current portion of operating lease liability 158,899 340,207
Customer credits 167,000 167,000
Accrued salaries 470,899 562,430
Short term debt - related party 250,000 0
Secured note payable - related party 271,686 271,686
Unsecured note payable, net of discount and issuance costs - related party 12,851,615 11,871,254
Total current liabilities 17,029,232 15,482,965
Operating lease liability 33,189 54,551
Profit share liability - related party 3,144,160 2,836,743
Total liabilities 20,206,581 18,374,259
COMMITMENTS AND CONTINGENCIES 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; 89,871,132 and 89,115,951 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 89,871 89,116
Additional paid-in capital 57,284,933 56,788,321
Accumulated deficit (68,621,761) (67,116,913)
Total stockholders' deficit (11,246,957) (10,239,476)
Total liabilities and stockholders' deficit $ 8,959,624 $ 8,134,783

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)        
Revenues $ 5,128,882 $ 2,270,696 $ 8,470,467 $ 5,297,334
Costs and expenses:        
Cost of sales 3,363,447 1,489,833 5,705,478 2,980,566
Selling, general and administrative expenses (related party of $75,385, $75,373, $150,385, and $175,373) 1,459,759 1,261,689 2,960,178 2,718,154
Interest expense (related party of $503,887, $497,660, $1,000,850, and $1,000,851) 503,887 1,120,086 1,002,242 1,795,706
Gain on extinguishment of debt 0 0 0 (299,300)
Loss on change in fair value of profit share 158,456 128,771 307,417 249,825
Total costs and expenses 5,485,549 4,000,379 9,975,315 7,444,951
Loss before provision for income taxes (356,667) (1,729,683) (1,504,848) (2,147,617)
Benefit (Provision) for income taxes 0 0 0 0
Net loss $ (356,667) $ (1,729,683) $ (1,504,848) $ (2,147,617)
Net loss per common share - basic and diluted: $ (0.00) $ (0.02) $ (0.02) $ (0.03)
Weighted average common shares outstanding - basic and diluted 89,371,132 84,190,073 89,245,211 82,320,840

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net loss $ (1,504,848) $ (2,147,617)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation - amortization of prepaid services 112,916 249,963
Stock-based compensation 337,367 5,945
Amortization of discount of notes payable 919,884 1,314,760
Amortization of debt issuance costs 60,477 60,478
Amortization of right to use assets 201,634 200,398
Amortization of patent rights 102,300 102,300
Depreciation expense 10,862 44,379
Gain on forgiveness of debt 0 (299,300)
Loss on change in fair value of profit share 307,417 249,825
Changes in operating assets and liabilities    
(Increase) Decrease in accounts receivable (1,947,959) 3,898
Decrease in inventory 227,726 16,383
(Increase) Decrease in prepaid expenses and other assets (252,013) 1,775
Decrease in security deposits 0 2,080
Decrease in accrued salaries (91,531) 0
Increase in accounts payable and accrued liabilities 591,422 897,922
Decrease in operating lease liability (202,670) (201,434)
Net cash (used in) provided by operating activities (1,127,016) 501,755
Cash flows from financing activities    
Payments of notes payable 0 (34,661)
Payments of equipment notes payable (2,677) (16,199)
Proceeds from the issuance of short term debt - related party 250,000 0
Proceeds from exercise of warrants 0 246,808
Proceeds from exercise of stock options 0 101,250
Proceeds from the issuance of notes payable 0 299,380
Net cash provided by financing activities 247,323 596,578
Net (decrease) increase in cash and cash equivalents (879,693) 1,098,333
Cash and cash equivalents - beginning of period 1,388,307 591,019
Cash and cash equivalents - end of period 508,614 1,689,352
Cash paid during the period for:    
Interest 0 41,082
Taxes 14,163 4,518
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Stock issued for prepaid services 160,000 644,250
Stock issued for conversion of convertible notes 0 4,430,000
Stock issued for interest payable $ 0 $ 615,339

Source