Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 983,000 $ 634,000
Accounts receivable, net of allowance of $230,000 and $0, respectively 1,271,000 1,000
Inventory, net of allowance of $2,000 103,000
Prepaid expenses 236,000 83,000
Total current assets 2,593,000 718,000
Right-of-use assets, net of accumulated amortization of $349,000 3,275,000
Deferred offering costs 162,000
Property and equipment, net of accumulated depreciation of $164,000 and $97,000, respectively 720,000 11,000
Intangible assets, net of accumulated amortization of $975,000 5,365,000
Goodwill 16,337,000
Other assets 69,000 7,000
Total assets 28,359,000 898,000
Current liabilities:    
Accounts payable and accrued expenses 4,338,000 1,148,000
Accrued officers' salary 207,000 188,000
Accrued interest (including $82,000 and $41,000 payable to related parties) 82,000 46,000
Advance on future receipts, net of discount of $274,000 732,000
Notes payable - related party 112,000 112,000
Convertible notes payable, net of discount of $0 and $1,082,000, respectively 818,000
Operating lease liability, current 391,000
Deferred revenue and customer deposits 306,000
Derivative liability 5,048,000 2,576,000
Total current liabilities 11,216,000 4,888,000
Long Term liabilities:    
Note payable - related party, non-current 1,065,000 1,065,000
Deferred incentive compensation to officers 1,042,000
Operating lease liability, non-current 3,591,000
Total liabilities 16,914,000 5,953,000
Commitments and contingencies
Stockholders' equity (deficit)    
Preferred stock, $0.0001 par value, 15,000,000 shares authorized: Series A Convertible Preferred Stock, 6,000 shares authorized; 4,396 and 0 issued and outstanding as of December 31, 2019 and 2018
Common stock, $0.0001 par value, 200,000,000 shares authorized, 24,496,197 and 12,055,491 shares issued and outstanding as of December 31, 2019 and 2018 2,000 1,000
Additional paid-in capital 68,028,000 35,611,000
Accumulated deficit (56,585,000) (40,667,000)
Total stockholders' equity (deficit) 11,445,000 (5,055,000)
Total liabilities and stockholders' equity (deficit) $ 28,359,000 $ 898,000