Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets    
Cash $ 318,931 $ 1,499,287
Accounts receivable 1,474,952 1,222,874
Inventory 473,560 513,498
Prepaid expenses and other assets 185,248 316,199
Total current assets 2,452,691 3,551,858
Property and equipment, net 1,918,226 2,082,343
Right of use asset 894,203 1,106,575
Intellectual property 2,369,946 2,532,462
Total assets 7,635,066 9,273,238
Current liabilities    
Accounts payable and accrued expenses (related party of $131,250 and $43,750) 1,617,465 1,676,757
Current portion of equipment notes payable 30,233 53,304
Current portion of operating lease liability 402,918 383,307
Note payable 85,585 0
Current portion of convertible notes payable 0 990,000
Accrued interest 140,346 226,065
Customer credits 167,000 167,000
Accrued salaries 706,989 357,095
Total current liabilities 3,150,536 3,853,528
Equipment notes payable, less current portion 8,293 22,386
Operating lease liability 498,535 807,409
Note payable 299,300 0
Convertible notes payable, net of discount and issuance costs 4,026,378 2,951,137
Profit share liability - related party 2,187,891 2,328,845
Secured note payable - related party 271,686 271,686
Unsecured note payable, net of discount and issuance costs - related party 9,395,979 7,911,898
Total liabilities 19,838,598 18,146,889
COMMITMENTS AND CONTINGENCIES (Note 11) 0 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; 77,747,750 and 76,747,750 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively 77,748 76,748
Additional paid-in capital 49,179,979 48,708,085
Accumulated deficit (61,461,259) (57,658,484)
Total stockholders' deficit (12,203,532) (8,873,651)
Total liabilities and stockholders' deficit $ 7,635,066 $ 9,273,238