Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 1,815,000 $ 983,000
Accounts receivable, net of allowance of $361,000 and $230,000, respectively 919,000 1,271,000
Inventory, net of allowance of $51,000 and $2,000, respectively 34,000 103,000
Prepaid expenses 900,000 236,000
Total current assets 3,668,000 2,593,000
Right-of-use assets 2,730,000 3,275,000
Property and equipment, net of accumulated depreciation of $338,000 and $164,000, respectively 862,000 720,000
Intangible assets, net of accumulated amortization of $2,310,000 and $975,000, respectively (including provisional intangible assets of $1,042,000 at December 31, 2020) 5,153,000 5,365,000
Goodwill (including provisional goodwill of $3,723,000 at December 31, 2020) 20,060,000 16,337,000
Other assets 69,000 69,000
Total assets 32,542,000 28,359,000
Current liabilities:    
Accounts payable and accrued expenses 5,097,000 4,338,000
Accrued officers' salary 822,000 207,000
Accrued interest (including $102,000 and $82,000 payable to related parties) 114,000 82,000
Advance on future receipts, net of discount of $67,000 and $274,000, respectively 110,000 732,000
Notes payable - related party 1,077,000 112,000
Deferred incentive compensation, current 521,000
Operating lease liability, current 596,000 391,000
Deferred revenue and customer deposits 272,000 306,000
Derivative liability 8,266,000 5,048,000
Total current liabilities 16,875,000 11,216,000
Long Term liabilities:    
Notes payable 1,458,000
Note payable - related party, non-current 1,065,000
Deferred incentive compensation to officers 521,000 1,042,000
Operating lease liability, non-current 2,943,000 3,591,000
Total liabilities 21,797,000 16,914,000
Commitments and contingencies  
Stockholders' equity    
Preferred stock, $0.0001 par value, 15,000,000 shares authorized: Series A Convertible Preferred Stock, 6,000 shares authorized; 2,006 and 4,396 issued and outstanding as of December 31, 2020 and 2019
Class A units, 100 issued and authorized as of December 31, 2020
Class B units, 2,642,159 shares authorized, 2,642,159 issued and outstanding as of December 31, 2020 3,065,000
Common stock, $0.0001 par value, 200,000,000 shares authorized, 47,795,009 and 24,496,197 shares issued and outstanding as of December 31, 2020 and 2019 5,000 2,000
Additional paid-in capital 89,216,000 68,028,000
Accumulated deficit (81,541,000) (56,585,000)
Total stockholders' equity 10,745,000 11,445,000
Total liabilities and stockholders' equity $ 32,542,000 $ 28,359,000