Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 71,075 $ 376,425
Accounts receivable - net 464,851 722,156
Inventory 156,600 998,440
Prepaid expenses and other assets 63,942 87,630
Total current assets 756,468 2,184,651
Fixed assets - net   76,156
Goodwill 8,366,467 8,366,467
Total assets 9,122,935 10,627,274
Current liabilities:    
Accounts payable and accrued liabilities 1,432,710 1,570,115
Accounts payable and accrued liabilities - related party 153,838 153,838
Shareholder advance 100,000 475,000
Deferred revenue 472,750 2,025,333
Equity financing 125,000 375,000
Total current liabilities 2,284,298 4,599,286
Long-term liabilities:    
Loans payable 433,567 293,972
Total long-term liabilities 433,567 293,972
Total liabilities 2,717,865 4,893,258
Commitments and contingencies
Stockholders’ equity:    
Series A Convertible Preferred stock, $0.001 par value; 900,000 shares authorized; 39,810 and 84,872 shares issued and outstanding, respectively 40 85
Common stock, $0.001 par value; 45,000,000 shares authorized; 11,293,030 and 9,895,600 shares issued and outstanding, respectively 11,293 9,896
Additional paid-in capital 29,805,028 25,920,858
Subscriptions payable 600,000  
Accumulated deficit (24,011,291) (20,196,823)
Total stockholders’ equity 6,405,070 5,734,016
Total liabilities and stockholders’ equity $ 9,122,935 $ 10,627,274