UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2020
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____________ to _____________
Commission File Number 001-38185
PRESSURE BIOSCIENCES, INC.
(Exact name of registrant as specified in its charter)
Massachusetts | 04-2652826 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
14 Norfolk Avenue | ||
South Easton, Massachusetts | 02375 | |
(Address of principal executive offices) | (Zip Code) |
(508) 230-1828
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
N/A | N/A | N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X] Yes [ ] No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[X] Yes [ ] No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | [ ] | Accelerated filer | [ ] | |
Non-accelerated filer | [X] | Smaller reporting company | [X] | |
Emerging Growth Company | [ ] |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act).
[ ] Yes [X] No
The number of shares outstanding of the Issuer’s common stock as of November 12, 2020 was 3,884,825.
TABLE OF CONTENTS
2 |
PART I - FINANCIAL INFORMATION
PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY
(UNAUDITED)
September 30, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 94,752 | $ | 29,625 | ||||
Accounts receivable | 330,459 | 229,402 | ||||||
Inventories, net of $342,496 reserve at September 30, 2020 and December 31, 2019 | 516,205 | 617,716 | ||||||
Loan receivable | 801,250 | - | ||||||
Prepaid expenses and other current assets | 159,739 | 213,549 | ||||||
Total current assets | 1,902,405 | 1,090,292 | ||||||
Investment in equity securities | 503,366 | 16,643 | ||||||
Property and equipment, net | 18,733 | 55,590 | ||||||
Right of use asset leases | 20,958 | 76,586 | ||||||
Intangible assets, net | 512,019 | 576,923 | ||||||
TOTAL ASSETS | $ | 2,957,481 | $ | 1,816,034 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 706,319 | $ | 815,764 | ||||
Accrued employee compensation | 450,591 | 451,200 | ||||||
Accrued professional fees and other | 2,035,252 | 1,658,452 | ||||||
Accrued interest | 5,593,508 | 2,949,621 | ||||||
Deferred revenue | 47,623 | 23,248 | ||||||
Operating lease liability | 20,958 | 76,586 | ||||||
Convertible debt, net of unamortized discounts of $4,738,724 and $619,227, respectively | 7,095,113 | 6,121,338 | ||||||
Other debt, net of unamortized discounts of $0 and $1,769, respectively | 886,501 | 1,675,667 | ||||||
Other related party debt | 105,000 | 81,500 | ||||||
Total current liabilities | 16,940,865 | 13,853,376 | ||||||
LONG TERM LIABILITIES | ||||||||
Long term debt | 527,039 | - | ||||||
Deferred revenue | 25,957 | 18,065 | ||||||
TOTAL LIABILITIES | 17,493,861 | 13,871,441 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 4) | ||||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Series D Convertible Preferred Stock, $.01 par value; 850 shares authorized; 300 shares issued and outstanding on September 30, 2020 and December 31, 2019, respectively (Liquidation value of $300,000) | 3 | 3 | ||||||
Series G Convertible Preferred Stock, $.01 par value; 240,000 shares authorized; 80,570 shares issued and outstanding on September 30, 2020 and December 31, 2019, respectively | 806 | 806 | ||||||
Series H Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 10,000 shares issued and outstanding on September 30, 2020 and December 31, 2019, respectively | 100 | 100 | ||||||
Series H2 Convertible Preferred Stock, $.01 par value; 21 shares authorized; 21 shares issued and outstanding on September 30, 2020 and December 31, 2019, respectively | - | - | ||||||
Series J Convertible Preferred Stock, $.01 par value; 6,250 shares authorized; 3,458 shares issued and outstanding on September 30, 2020 and December 31, 2019, respectively | 35 | 35 | ||||||
Series K Convertible Preferred Stock, $.01 par value; 15,000 shares authorized; 6,880 shares issued and outstanding on September 30, 2020 and December 31, 2019, respectively | 68 | 68 | ||||||
Series AA Convertible Preferred Stock, $.01 par value; 10,000 shares authorized; 7,983 and 7,939 shares issued and outstanding on September 30, 2020 and December 31, 2019, respectively | 80 | 80 | ||||||
Common stock, $.01 par value; 100,000,000 shares authorized; 3,839,256 and 2,549,620 shares issued and outstanding on September 30, 2020 and December 31, 2019 respectively | 38,392 | 25,496 | ||||||
Warrants to acquire common stock | 28,207,172 | 22,599,177 | ||||||
Additional paid-in capital | 49,079,182 | 44,261,105 | ||||||
Accumulated deficit | (91,862,218 | ) | (78,942,277 | ) | ||||
Total stockholders’ deficit | (14,536,380 | ) | (12,055,407 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 2,957,481 | $ | 1,816,034 |
The accompanying notes are an integral part of these unaudited consolidated financial statements
3 |
PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended September 30, | For
the Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue: | ||||||||||||||||
Products, services, other | $ | 533,862 | $ | 501,158 | $ | 1,055,889 | $ | 1,530,061 | ||||||||
Total revenue | 533,862 | 501,158 | 1,055,889 | 1,530,061 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of products and services | 247,013 | 285,794 | 557,041 | 899,678 | ||||||||||||
Research and development | 247,432 | 276,712 | 807,724 | 832,954 | ||||||||||||
Selling and marketing | 173,372 | 133,032 | 524,586 | 507,856 | ||||||||||||
General and administrative | 684,807 | 874,611 | 2,711,032 | 3,155,800 | ||||||||||||
Total operating costs and expenses | 1,352,624 | 1,570,149 | 4,600,383 | 5,396,288 | ||||||||||||
Operating loss | (818,762 | ) | (1,068,991 | ) | (3,544,494 | ) | (3,866,227 | ) | ||||||||
Other (expense) income: | ||||||||||||||||
Interest expense, net | (2,204,593 | ) | (2,124,477 | ) | (5,501,272 | ) | (4,001,711 | ) | ||||||||
Unrealized gain on investment in equity securities | 140,461 | - | 486,723 | - | ||||||||||||
Loss on extinguishment of liabilities | (395,854 | ) | (185,203 | ) | (3,242,372 | ) | (332,474 | ) | ||||||||
Other income | - | 4,674 | - | 4,400 | ||||||||||||
Total other expense | (2,459,986 | ) | (2,305,006 | ) | (8,256,921 | ) | (4,329,785 | ) | ||||||||
Income tax benefit | 217,168 | 217,168 | ||||||||||||||
Net loss | (3,278,748 | ) | (3,156,829 | ) | (11,801,415 | ) | (7,978,844 | ) | ||||||||
Deemed dividend on beneficial conversion feature | - | (675,979 | ) | - | (2,625,710 | ) | ||||||||||
Preferred stock dividends | (396,970 | ) | (492,494 | ) | (1,118,526 | ) | (1,268,593 | ) | ||||||||
Net loss attributable to common stockholders | $ | (3,675,718 | ) | $ | (4,325,302 | ) | $ | (12,919,941 | ) | $ | (11,873,147 | ) | ||||
Basic and diluted net loss per share attributable to common stockholders | $ | (1.02 | ) | $ | (2.20 | ) | $ | (4.22 | ) | $ | (6.29 | ) | ||||
Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation | 3,612,958 | 1,967,872 | 3,059,095 | 1,887,393 |
The accompanying notes are an integral part of these unaudited consolidated financial statements
4 |
PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2020 | 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (11,801,415 | ) | $ | (7,978,844 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Non-cash lease expense | 55,628 | 43,435 | ||||||
Common stock issued for interest and extension fees | 242,350 | - | ||||||
Depreciation and amortization | 103,424 | 68,849 | ||||||
Accretion of interest and amortization of debt discount | 3,454,470 | 886,950 | ||||||
Issuance of shares for services rendered | - | 245,000 | ||||||
Loss on extinguishment of accrued liabilities and debt | 1,036,638 | 332,474 | ||||||
Stock-based compensation expense | 373,652 | 722,576 | ||||||
Gain on investment in equity securities | (486,723 | ) | - | |||||
Common stock issued for services | 87,963 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (101,057 | ) | 63,388 | |||||
Inventories | 101,511 | 51,593 | ||||||
Prepaid expenses and other assets | 53,810 | (177,066 | ) | |||||
Accounts payable | (109,445 | ) | 838,278 | |||||
Accrued employee compensation | (609 | ) | (63,434 | ) | ||||
Operating lease liability | (55,628 | ) | (43,435 | ) | ||||
Deferred revenue and other accrued expenses | 3,138,667 | (9,109 | ) | |||||
Net cash used in operating activities | (3,906,764 | ) | (5,019,345 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Advance on loan receivable | (801,250 | ) | - | |||||
Purchases of property plant and equipment | (1,663 | ) | (28,915 | ) | ||||
Net cash used in investing activities | (802,913 | ) | (28,915 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net proceeds from Series AA Convertible Preferred Stock | - | 3,185,100 | ||||||
Net proceeds from convertible debt | 6,977,800 | 4,601,300 | ||||||
Net proceeds from non-convertible debt – third party | 990,539 | 2,956,750 | ||||||
Net proceeds from non-convertible debt – related party | 38,500 | 239,000 | ||||||
Payments on convertible debt | (1,972,007 | ) | (3,705,485 | ) | ||||
Payments on non-convertible debt – related party | (15,000) | (175,000 | ) | |||||
Payments on non-convertible debt | (1,245,028 | ) | (2,021,159 | ) | ||||
Net cash provided by financing activities | 4,774,804 | 5,080,506 | ||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 65,127 | 32,246 | ||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 29,625 | 103,118 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 94,752 | $ | 135,364 | ||||
SUPPLEMENTAL INFORMATION | ||||||||
Interest paid in cash | $ | 530,009 | $ | 2,571,231 | ||||
NON CASH TRANSACTIONS: | ||||||||
Loan extension fees and interest added to principal | $ | 152,552 | $ | 77,500 | ||||
Conversion of debt for Series AA preferred stock | 110,000 | - | ||||||
Common stock issued for debt settlement | 374,550 | - | ||||||
Common stock issued to settle accrued liabilities | 127,855 | - | ||||||
Common stock issued with debt | 147,775 | 226,133 | ||||||
Discount from warrants issued with debt | 4,261,055 | - | ||||||
Common stock issued in lieu of cash for dividend | 221,374 | 190,123 | ||||||
Preferred stock dividends | 1,118,526 | 1,268,593 | ||||||
Conversion of debt and interest into common stock | 1,830,543 | 342,250 | ||||||
Conversion of preferred stock into common stock | - | 160 | ||||||
Discount due to beneficial conversion feature | 1,353,694 | 451,665 | ||||||
Deemed dividend-beneficial conversion feature | - | 2,625,710 |
The accompanying notes are an integral part of these unaudited consolidated financial statements
5 |
PRESSURE BIOSCIENCES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(UNAUDITED)
Series D | Series G | Series H | Series H(2) | Series J | Series K | Series AA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Common Stock | Stock | Additional Paid-In | Accumulated | Total
Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Warrants | Capital | Deficit | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2018 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | 6,499 | 65 | 1,684,184 | $ | 16,842 | $ | 19,807,247 | $ | 39,777,301 | $ | (65,727,538 | ) | $ | (6,125,071 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 245,392 | - | 245,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (355,610 | ) | (355,610 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares for services | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50,000 | 500 | 167,500 | - | 168,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature on Series AA convertible preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,060,199 | - | 1,060,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend-beneficial conversion feature | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (1,060,199 | ) | - | (1,060,199 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock offering | - | - | - | - | - | - | - | - | - | - | - | - | 560 | 6 | - | - | 738,528 | 661,466 | - | 1,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs for issuance of preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 160,764 | (300,764 | ) | - | (140,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock issued for debt extension | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 16,350 | 163 | - | 38,825 | 38,988 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 17,958 | 180 | - | 50,553 | - | 50,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2,055,173 | ) | (2,055,173 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, March 31, 2019 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | 7,059 | $ | 71 | 1,768,492 | $ | 17,685 | $ | 20,706,539 | $ | 40,640,273 | $ | (68,138,321 | ) | $ | (6,772,741 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 362,182 | - | 362,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | (420,489 | ) | (420,489 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature on Series AA convertible preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 889,532 | - | 889,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend-beneficial conversion feature | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (889,532 | ) | - | (889,532 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for dividends paid-in-kind | - | - | - | - | - | - | - | - | - | - | - | - | 42,456 | 425 | 151,568 | - | 151,993 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock offering | - | - | - | - | - | - | - | - | - | - | - | - | 459 | 5 | 608,852 | 538,062 | - | 1,146,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs for issuance of preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | 131,251 | (245,870 | ) | - | (114,619 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | 29,641 | 296 | 105,293 | - | 105,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock issued for debt extension | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 49,027 | 490 | 125,418 | - | 125,908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2,766,842 | ) | (2,766,842 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, June 30, 2019 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | 7,518 | $ | 76 | 1,889,616 | $ | 18,896 | $ | 21,446,642 | $ | 41,676,926 | $ | (71,325,652 | ) | $ | (8,182,100 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 115,002 | - | 115,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for services | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 25,000 | 250 | 76,750 | - | 77,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (492,494 | ) | (492,494 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of debt and interest for common stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 120,000 | 1,200 | - | 341,050 | - | 342,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for dividends paid-in-kind | - | - | - | - | - | - | - | - | - | - | - | - | 19,454 | 195 | 37,935 | - | 38,130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series AA convertible preferred stock | - | - | - | - | - | - | - | - | - | - | (16 | ) | (0 | ) | 16,000 | 160 | (160 | ) | - | (0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend-beneficial conversion feature | - | - | - | - | - | - | - | - | - | - | (675,979 | ) | - | (675,979 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial feature on Preferred Stock Offering | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 675,979 | - | 675,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock offering | - | - | - | - | - | - | - | - | - | - | - | - | 397 | 4 | - | - | 511,739 | 480,257 | - | 992,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs for issuance of preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 105,926 | (205,126 | ) | - | (99,200 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22,483 | 225 | - | 58,509 | - | 58,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock/Warrants issued for debt extension | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 79,610 | 796 | - | $ | 230,517 | - | 231,313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature on convertible debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | $ | 451,665 | - | 451,665 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (3,156,829 | ) | (3,156,829 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, September 30, 2019 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | 7,899 | $ | 80 | 2,172,163 | $ | 21,722 | $ | 22,064,307 | $ | 43,263,325 | $ | (74,974,975 | ) | $ | (9,624,529 | ) |
6 |
Series D Preferred Stock | Series G Preferred Stock | Series H Preferred Stock | Series H(2) Preferred Stock | Series J Preferred Stock | Series K Preferred Stock | Series AA Preferred Stock | Common Stock | Stock | Additional Paid-In | Accumulated | Total Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Warrants | Capital | Deficit | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2019 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | 7939 | $ | 80 | 2,549,620 | $ | 25,496 | $ | 22,599,177 | $ | 44,261,105 | $ | (78,942,277 | ) | $ | (12,055,407 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 241,769 | - | 241,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (324,586 | ) | (324,586 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to settle accrued liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 66,500 | 665 | - | 127,190 | - | 127,855 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for debt settlement | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,000 | 100 | - | 24,900 | - | 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature on debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 404,608 | - | 404,608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued for debt extension | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 609,143 | - | - | 609,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for debt extension and interest paid in kind | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 38,521 | 385 | - | 60,175 | - | 60,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued with debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,205,010 | - | - | 1,205,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (3,953,885 | ) | (3,953,885 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, March 31, 2020 | 300 | $ | 3 | 80,570 | $ | 806 | 10,000 | $ | 100 | 21 | $ | - | 3,458 | $ | 35 | 6,880 | $ | 68 | 7,939 | $ | 80 | 2,664,641 | $ | 26,646 | $ | 24,413,330 | $ | 45,119,747 | $ | (83,220,748 | ) | $ | (13,659,933 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 65,341 | - | 65,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series AA Preferred Stock dividend | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (396,970 | ) | (396,970 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature on debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 577,489 | - | 577,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for services | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 25,000 | 250 | - | 87,713 | - | 87,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for interest paid-in-kind | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 42,510 | 425 | - | 98,799 | - | 99,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for dividends paid-in-kind | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 64,388 | 644 | - | 176,104 | - | 176,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of debt and interest for common stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 410,746 | 4,107 | - | 1,288,542 | - | 1,292,649 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued with debt | - | - | - | - | - | - | - | - |