Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 2,129,013 $ 2,153,028
Restricted cash 19,332  
Accounts receivable, net 543,785 20,212
Inventory 975,000 427,516
Other current assets 203,625 700,599
Total current assets 3,870,755 3,301,355
Property and equipment, net 186,765 252,246
Other Assets:    
Licenses, net 230,677 200,000
Intangible assets, net 152,338 126,344
Lease deposits 48,577 52,152
Deferred offering costs 201,038
Operating lease right of use assets 125,258 331,419
Total other assets 757,888 709,915
Total assets 4,815,408 4,263,516
Current Liabilities:    
Accounts payable 3,024,023 2,322,198
Operating lease liabilities 183,995 489,407
Accrued expenses and other current liabilities 2,419,468 2,762,799
Secured promissory note, net of debt discount $351,189 and $252,933, respectively 11,453,047 10,106,895
Deferred revenue 309,218 378,850
Derivative liability 169,229  
Note payable 370,051
Total current liabilities 17,929,031 16,060,149
Long-Term Liabilities:    
Notes payable 596,040 539,921
Accrued interest 35,471 41,239
Operating lease liabilities, net of current 52,449
Total long-term liabilities 631,511 633,609
Total liabilities 18,560,542 16,693,758
Commitments and Contingencies
Stockholders’ Deficit:    
Preferred stock, value
Common stock - par value $0.0001; 350,000,000 shares authorized; 59,388,085 and 59,268,085 issued and outstanding at September 30, 2020 and December 31, 2019, respectively 5,939 5,927
Additional paid in capital 47,374,065 39,335,498
Accumulated deficit (61,125,373) (51,771,667)
Total stockholders’ deficit (13,745,134) (12,430,242)
Total liabilities and stockholders’ deficit 4,815,408 4,263,516
Series A Preferred Stock    
Stockholders’ Deficit:    
Preferred stock, value $ 235