Financials

v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets    
Cash $ 1,982,159 $ 591,019
Accounts receivable 847,780 1,116,082
Inventory 452,433 560,127
Prepaid expenses and other assets 722,724 107,443
Total current assets 4,005,096 2,374,671
Property and equipment, net 1,863,228 1,887,029
Right of use asset 696,302 795,869
Intellectual property, net 2,267,646 2,318,796
Total assets 8,832,272 7,376,365
Current liabilities    
Accounts payable and accrued expenses (related party of $181,250 and $168,750) 2,014,978 1,611,956
Current portion of equipment notes payable 21,460 29,255
Current portion of operating lease liability 413,096 407,975
Note payable 6,134 34,661
Accrued interest 88,412 259,230
Customer credits 167,000 167,000
Accrued salaries 809,772 848,706
Total current liabilities 3,520,852 3,358,783
Equipment notes payable, less current portion 0 789
Operating lease liability 289,420 394,625
Note payable 293,246 299,300
Convertible notes payable, net of discount and issuance costs 2,276,280 4,055,122
Profit share liability - related party 2,426,362 2,305,308
Secured note payable - related party 271,686 271,686
Unsecured note payable, net of discount and issuance costs - related party 10,381,756 9,894,284
Total liabilities 19,459,602 20,579,897
COMMITMENTS AND CONTINGENCIES (Note 11)   0
Stockholders' deficit    
Preferred stock, $0.001 par value: 2,000,000 shares authorized 0 0
Common stock; $0.001 par value; 150,000,000 shares authorized; 83,715,582 and 78,096,326 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 83,715 78,096
Additional paid-in capital 53,190,995 50,202,478
Accumulated deficit (63,902,040) (63,484,106)
Total stockholders' deficit (10,627,330) (13,203,532)
Total liabilities and stockholders' deficit $ 8,832,272 $ 7,376,365

Source

v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)    
Revenues $ 3,026,638 $ 1,116,676
Costs and expenses:    
Cost of sales 1,490,733 930,534
Selling, general and administrative expenses (related party of $100,000 and $62,500) 1,453,225 1,171,975
Interest expense & letter of credit fees (related party of $497,660 and $502,825) 675,620 664,388
Loss on change in fair value of profit share 121,054 123,650
Gain on extinguishment of debt (299,300) 0
Total costs and expenses 3,441,332 2,890,547
Loss before provision for income taxes (414,694) (1,773,871)
Provision for income taxes (3,240) 0
Net loss $ (417,934) $ (1,773,871)
Net loss per common share-basic and diluted: $ (0.01) $ (0.02)
Weighted average common shares outstanding - basic and diluted 80,409,603 77,736,639

Source

v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net loss $ (417,934) $ (1,773,871)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation - amortization of prepaid services 26,032 114,640
Share-based compensation expense 5,878 0
Amortization of discount of notes payable 528,558 490,988
Amortization of debt issuance costs 30,072 30,406
Amortization of right to use assets 99,567 94,710
Amortization of patent rights 51,150 50,300
Depreciation expense 23,804 66,589
Gain on forgiveness of debt (299,300) 0
Loss on change in fair value of profit share 121,054 123,650
Changes in operating assets and liabilities    
Decrease in accounts receivable 268,302 723,314
Decrease in inventory 107,693 48,686
Increase in prepaid expenses and other assets 2,937 8,764
Increase (Decrease) in accounts payable and accrued liabilities 440,468 (1,093,709)
Decrease in operating lease liability (100,084) (95,222)
Net cash provided by (used in) operating activities 888,197 (1,210,755)
Cash flows from financing activities    
Payments of notes payable (34,661) (16,018)
Payments of equipment notes payable (8,584) (11,214)
Proceeds from exercise of warrants 246,808 0
Proceeds from the issuance of notes payable 299,380 200,000
Net cash provided by financing activities 502,943 172,768
Net increase (decrease) in cash and cash equivalents 1,391,140 (1,037,987)
Cash and cash equivalents - beginning of period 591,019 1,499,287
Cash and cash equivalents - end of period $ 1,982,159 $ 461,300
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for:
Interest $ 41,082 $ 228,458
Taxes 3,240 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Stock issued for conversion of convertible notes 1,850,000 0
Stock issued for prepaid services 644,250 200,000
Stock issued for interest payable $ 247,200 $ 0

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