v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash $ 185,939 $ 77,211
Accounts receivable, net 35,981 151,989
Inventory 14,461 14,820
Prepaid expenses and other current assets 55,092 18,577
Total Current Assets 291,473 262,597
OTHER ASSETS:    
Property, plant and equipment, net 28,053 32,776
Right of use asset, net 58,325 69,808
Security deposit 7,132 7,132
Total Other Assets 93,510 109,716
TOTAL ASSETS 384,983 372,313
CURRENT LIABILITIES:    
Notes payable - related party 400,000 400,000
Convertible notes payable, net 279,167 135,833
Accounts payable 771,718 746,663
Accrued expenses 143,875 126,986
Accrued compensation 412,784 351,708
Lease liability 49,483 47,636
Derivative liability 1,310,654 890,410
Total Current Liabilities 3,367,681 2,699,236
LONG-TERM LIABILITIES:    
Lease liability, net of current portion 9,020 22,216
Mandatorily redeemable convertible Series A preferred stock; $0.10 par value, 800,000 shares designated; 262,800 and 159,600 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively ($1.00 per share redemption and liquidation value) 306,016 159,798
Total Long-term Liabilities 315,036 182,014
Total Liabilities 3,682,717 2,881,250
Commitments and Contingencies (See Note 10)  
Series B convertible preferred stock: $0.10 par value, 100,000 shares designated; 108 and 108 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively ($1,000 per share redemption and liquidation value) 108,657 108,000
SHAREHOLDERS' DEFICIT:    
Preferred stock: $0.10 par value, 1,000,000 shares authorized; 800,000 Series A and 100,000 Series B designated
Common stock: $0.001 par value, 500,000,000 shares authorized; 125,626,089 and 116,749,633 issued and outstanding at March 31, 2020 and December 31, 2019, respectively 125,626 116,750
Additional paid-in capital 37,976,286 37,266,328
Accumulated deficit (41,508,303) (40,000,015)
Total Shareholders' Deficit (3,406,391) (2,616,937)
Total Liabilities and Shareholders' Deficit $ 384,983 $ 372,313

Source