Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.20.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 176,881 $ 2,153,028
Accounts receivable, net 5,766 20,212
Inventory 560,407 427,516
Other current assets 634,560 700,599
Total current assets 1,377,614 3,301,355
Property and equipment, net 227,598 252,246
Other Assets:    
Licenses 200,000 200,000
Intangible assets, net 150,203 126,344
Lease deposits 49,377 52,152
Deferred offering costs 14,742
Operating lease right of use assets 265,340 331,419
Total other assets 679,662 709,915
Total assets 2,284,874 4,263,516
Current Liabilities:    
Accounts payable 2,869,618 2,322,198
Operating lease liabilities 426,695 489,407
Accrued expenses and other current liabilities 3,194,539 3,141,649
Secured promissory note, net of debt discount $161,957 and $252,933, respectively 10,266,273 10,106,895
Total current liabilities 16,757,125 16,060,149
Long-Term Liabilities:    
Notes payable 539,921 539,921
Accrued interest 49,754 41,239
Operating lease liabilities, net of current 52,449
Total long-term liabilities 589,675 633,609
Total liabilities 17,346,800 16,693,758
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 39,511,099 39,335,498
Accumulated deficit (54,578,952) (51,771,667)
Total stockholders’ deficit (15,061,926) (12,430,242)
Total liabilities and stockholders’ deficit $ 2,284,874 $ 4,263,516