Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 43,964 $ 2,153,028
Restricted cash 19,332  
Accounts receivable, net 332,981 20,212
Inventory 957,022 427,516
Other current assets 305,615 700,599
Total current assets 1,658,914 3,301,355
Property and equipment, net 209,671 252,246
Other Assets:    
Licenses, net 270,059 200,000
Intangible assets, net 149,563 126,344
Lease deposits 49,377 52,152
Deferred offering costs 23,596
Operating lease right of use assets 196,651 331,419
Total other assets 689,246 709,915
Total assets 2,557,831 4,263,516
Current Liabilities:    
Accounts payable 3,363,303 2,322,198
Operating lease liabilities 307,456 489,407
Accrued expenses and other current liabilities 3,598,296 3,141,649
Secured promissory note, net of debt discount $70,981 and $252,933, respectively 10,425,650 10,106,895
Notes payable 259,035
Total current liabilities 17,953,740 16,060,149
Long-Term Liabilities:    
Notes payable, net of current portion 946,977 539,921
Accrued interest 58,501 41,239
Operating lease liabilities, net of current portion 52,449
Total long-term liabilities 1,005,478 633,609
Total liabilities 18,959,218 16,693,758
Commitments and Contingencies
Stockholders’ Deficit:    
Preferred stock - par value $0.0001: 10,000,000 shares authorized
Common stock - par value $0.0001; 350,000,000 shares authorized; 59,268,085 issued and outstanding in each period 5,927 5,927
Additional paid in capital 41,392,179 39,335,498
Accumulated deficit (57,799,493) (51,771,667)
Total stockholders’ deficit (16,401,387) (12,430,242)
Total liabilities and stockholders’ deficit $ 2,557,831 $ 4,263,516