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 $ 19,303 $ 243,753
Accounts receivable 205,768 157,082
Inventories 1,177,831 1,480,380
Deposits and other assets 2,066 119,066
Prepaid expenses 181,093 24,083
Total current assets 1,586,061 2,024,364
INTANGIBLE ASSETS, net 420,373 434,534
RIGHT TO USE LEASED ASSETS 12,488
TOTAL ASSETS 2,018,922 2,458,898
CURRENT LIABILITIES    
Accrued payroll and payroll related expenses, current portion 3,687,376 3,428,011
Accounts payable and accrued expenses 1,544,402 1,996,097
Fees payable to directors 418,546 418,546
Accrued separation costs, current portion 9,000 9,000
Current portion of related party notes payable 575,000
Related party convertible notes payable 651,721
Convertible notes payable, net of discount 358,289
Employee settlement 50,000 50,000
Lease liability, current portion 11,527
Derivative liability on convertible note payable 827,314
Total current liabilities 8,133,175 5,901,654
NON-CURRENT LIABILITIES    
Related party notes payable, net of current portion 1,000,000
Accrued separation costs, less current portion 83,635 92,635
Lease liability, less current portion 961
Total non-current liabilities 1,084,596 92,635
COMMITMENTS AND CONTINGENCIES
Total liabilities 9,217,771 5,994,289
STOCKHOLDERS' DEFICIT    
Preferred Stock - $0.001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2019 and 2018, respectively
Common stock - $0.001 par value; 4,000,000 shares authorized, 687,564 and 669,967 shares issued and outstanding as of December 31, 2019 and 2018, respectively 688 670
Additional paid-in-capital 59,836,818 58,407,257
Accumulated deficit (67,036,355) (61,943,318)
Total stockholders' deficit (7,198,849) (3,535,391)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 2,018,922 $ 2,458,898