Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash $ 323,407 $ 77,211
Accounts receivable, net 79,697 151,989
Inventory 77,200 14,820
Prepaid expenses and other current assets 50,723 18,577
Due from related party 5,526
Total Current Assets 536,553 262,597
OTHER ASSETS:    
Property and equipment, net 18,683 32,776
Right of use asset, net 21,772 69,808
Security deposit 7,132 7,132
Total Other Assets 47,587 109,716
TOTAL ASSETS 584,140 372,313
CURRENT LIABILITIES:    
Notes payable - related party 400,000
Convertible notes payable, net 135,833
Note payable, current portion 521,138
Accounts payable 794,905 746,663
Accrued expenses 186,765 126,986
Accrued compensation 425,797 351,708
Lease liability 22,216 47,636
Derivative liability 890,410
Total Current Liabilities 1,950,821 2,699,236
LONG-TERM LIABILITIES:    
Note payable, net of current portion 35,062
Lease liability, net of current portion 22,216
Mandatorily redeemable convertible Series A preferred stock; $0.10 par value, 0 and 800,000 shares designated at December 31, 2020 and 2019, respectively; 0 and 159,600 shares issued and outstanding at December 31, 2020 and 2019, respectively ($0 redemption and liquidation value at December 31, 2020) 159,798
Total Long-term Liabilities 35,062 182,014
Total Liabilities 1,985,883 2,881,250
Commitments and Contingencies (See Note 9)
Series B convertible preferred stock: $0.10 par value, 100,000 shares designated; 427 and 108 shares issued and outstanding at December 31, 2020 and 2019, respectively ($429,446 redemption and liquidation value at December 31, 2020) 429,446 108,000
Series C convertible preferred stock: $0.10 par value, 100,000 shares designated; 13,300 and 0 shares issued and outstanding at December 31, 2020 and 2019, respectively ($2,004,046 liquidation value at December 31, 2020) 1,336,031
SHAREHOLDERS' DEFICIT:    
Preferred stock: $0.10 par value, 2,000,000 shares authorized; 100,000 Series B and 100,000 Series C designated
Common stock: $0.001 par value, 4,998,000,000 shares authorized; 228,346,974 and 116,749,633 issued and outstanding at December 31, 2020 and 2019, respectively 228,347 116,750
Additional paid-in capital 42,573,272 37,266,328
Accumulated deficit (45,968,839) (40,000,015)
Total Shareholders' Deficit (3,167,220) (2,616,937)
Total Liabilities and Shareholders' Deficit $ 584,140 $ 372,313