Financials

v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets    
Cash $ 1,689,352 $ 591,019
Accounts receivable 1,112,184 1,116,082
Inventory 543,743 560,127
Prepaid expenses and other assets 487,700 107,443
Total current assets 3,832,979 2,374,671
Security deposits 10,175 0
Property and equipment, net 1,842,653 1,887,029
Right of use asset 595,471 795,869
Intellectual property, net 2,216,496 2,318,796
Total assets 8,497,774 7,376,365
Current liabilities    
Accounts payable and accrued expenses (related party of $206,250 and $168,750) 2,253,088 1,611,956
Current portion of equipment notes payable 13,845 29,255
Current portion of operating lease liability 409,201 407,975
Note payable 24,501 34,661
Accrued interest 2,118 259,230
Customer credits 167,000 167,000
Accrued salaries 747,270 848,706
Total current liabilities 3,617,023 3,358,783
Equipment notes payable, less current portion 0 789
Operating leases liability 191,965 394,625
Note payables 274,879 299,300
Convertible notes payable, net of discount and issuance costs 20,000 4,055,122
Profit share liability - related party 2,555,133 2,305,308
Secured note payable - related party 271,686 271,686
Unsecured note payable, net of discount and issuance costs - related party 10,874,645 9,894,284
Total liabilities 17,805,331 20,579,897
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; 89,245,951 and 78,096,326 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively 89,246 78,096
Additional paid-in capital 56,234,920 50,202,478
Accumulated deficit (65,631,723) (63,484,106)
Total stockholders' deficit (9,307,557) (13,203,532)
Total liabilities and stockholders' deficit $ 8,497,774 $ 7,376,365

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)        
Revenues $ 2,270,696 $ 1,883,502 $ 5,297,334 $ 3,000,178
Costs and expenses:        
Cost of sales 1,489,833 1,385,849 2,980,566 2,316,383
Selling, general and administrative expenses (related party of $75,373, $62,500, $175,373, and $125,000) 1,260,411 1,133,470 2,713,636 2,305,445
Interest expense & letter of credit fees (related party of $497,660, $503,190, $1,000,851, and $1,006,015) 1,120,086 650,359 1,795,706 1,314,747
Gain on extinguishment of debt 0 0 (299,300) 0
(Gain) loss on change in fair value of profit share 128,771 (376,040) 249,825 (252,390)
Gain on sale of equipment 0 (5,919) 0 (5,919)
Total costs and expenses 3,999,101 2,787,719 7,440,433 5,678,266
Loss before provision for income taxes (1,728,405) (904,217) (2,143,099) (2,678,088)
Provision for income taxes (1,278) 0 (4,518) 0
Net loss $ (1,729,683) $ (904,217) $ (2,147,617) $ (2,678,088)
Net loss per common share-basic and diluted: $ (0.02) $ (0.01) $ (0.03) $ (0.03)
Weighted average common shares outstanding - basic and diluted 84,190,073 77,747,750 82,320,840 77,742,225

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net loss $ (2,147,617) $ (2,678,088)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation - amortization of prepaid services 249,963 249,749
Stock-based compensation 5,945 0
Amortization of discount of notes payable 1,314,760 981,462
Amortization of debt issuance costs 60,478 60,812
Amortization of right to use assets 200,398 192,686
Amortization of patent rights 102,300 111,366
Depreciation expense 44,379 122,604
Gain on sale of equipment 0 (5,919)
Gain on forgiveness of debt (299,300) 0
(Gain) Loss on change in fair value of profit share 249,825 (252,390)
Changes in operating assets and liabilities    
Decrease in accounts receivable 3,898 288,826
Decrease in inventory 16,383 52,100
Decrease in prepaid expenses and other assets 1,775 13,862
Decrease in security deposits 2,080 0
(Decrease) Increase in accounts payable and accrued liabilities 897,922 (267,820)
Decrease in operating lease liability (201,434) (194,749)
Net cash provided by (used in) operating activities 501,755 (1,325,499)
Cash flows from investing activities    
Cash received from sale of equipment 0 9,500
Net cash provided by investing activities 0 9,500
Cash flows from financing activities    
Payments of notes payable (34,661) (64,691)
Payments of equipment notes payable (16,199) (22,559)
Proceeds from exercise of warrants 246,808 0
Proceeds from exercise of stock options 101,250 0
Proceeds from the issuance of notes payable 299,380 499,300
Net cash provided by financing activities 596,578 412,050
Net increase (decrease) in cash and cash equivalents 1,098,333 (903,949)
Cash and cash equivalents - beginning of period 591,019 1,499,287
Cash and cash equivalents - end of period 1,689,352 595,338
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest 41,082 228,458
Taxes 4,518 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Stock issued for prepaid services 644,250 200,000
Stock issued for conversion of convertible notes 4,430,000 0
Stock issued for interest payable $ 615,339 $ 0

Source