Financials

v3.22.1
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

Source

v3.22.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS    
Revenues $ 13,012,049 $ 8,158,448
Costs and expenses:    
Cost of sales 7,938,947 5,440,395
Selling, general and administrative expenses (related party of $325,676 and $175,275) 5,934,132 5,935,517
Interest expense & letter of credit fees (related party of $2,018,289 and $2,023,818) 2,817,895 2,657,554
Gain on extinguishment of debt (600,677) 0
Loss (Gain) on change in fair value of profit share liability 531,435 (23,537)
Gain on sale of equipment 0 (35,859)
Total costs and expenses 16,621,732 13,974,070
Net loss before provision for income taxes (3,609,683) (5,815,622)
Provision for income taxes (23,000) (10,000)
Net loss $ (3,632,683) $ (5,825,622)
Net loss per common share-basic and diluted: $ (0.04) $ (0.07)
Weighted average common shares outstanding 85,856,336 77,818,780

Source

v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (3,632,683) $ (5,825,622)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 967,967 1,710,226
Stock issued for prepaid consulting services 43,521 0
Stock issued for interest expense 356,109 0
Amortization of discount of notes payable 2,249,891 1,974,080
Amortization of debt issuance costs 121,957 122,291
Amortization of right to use assets 405,771 310,706
Amortization of patent rights 204,599 213,666
Depreciation expense 68,460 188,675
Gain on forgiveness of debt (600,677) 0
Loss (Gain) on change in fair value of profit share 531,435 (23,537)
Gain on sale of equipment 0 (35,859)
Changes in operating assets and liabilities    
Decrease in accounts receivable 101,029 106,792
Increase in inventory (515,274) (46,629)
Decrease in security deposits 2,080 0
Increase in prepaid expenses and other assets (59,841) (5,730)
Increase (Decrease) in accounts payable and accrued liabilities 655,755 (64,802)
(Decrease) Increase in accrued salaries (286,277) 491,610
(Decrease) Increase in accrued interest 0 33,164
Decrease in operating lease liability (407,842) (388,116)
Net cash provided by (used in) operating activities 205,980 (1,239,085)
Cash flows from investing activities    
Purchase of equipment (10,975) 0
Cash received from sale of equipment 0 42,500
Net cash (used in) provided by investing activities (10,975) 42,500
Cash flows from financing activities    
Payments of notes payable (32,788) (165,339)
Proceeds from the issuance of notes payable 0 499,300
Proceeds from exercise of options 126,250 0
Proceeds from exercise of warrants 246,808 0
Payment of convertible notes payable (10,000) 0
Payments of equipment notes payable (27,367) (45,646)
Proceeds from the issuance of notes payable 299,380 0
Net cash provided by financing activities 602,283 288,315
Net increase (decrease) in cash and cash equivalents 797,288 (908,268)
Cash and cash equivalents - end of year 1,388,307 591,019
Cash and cash equivalents - beginning of period 591,019 1,499,287
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 0 534,960
Income taxes 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Common stock issued for conversion of convertible notes 4,440,000 0
Common stock issued for interest payable 615,339 0
Common stock issued for consulting services 43,521 102,000
Common stock issued for prepaid consulting services $ 156,979 $ 200,000

Source