Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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