Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 5,263 $ 3,865
Accounts receivable 329,263 295,374
Inventories, net of $905,759 and $982,973 reserve, respectively 467,155 686,383
Prepaid expenses and other current assets 219,283 257,527
Total current assets 1,020,964 1,243,149
Investment in equity securities 77,918 63,638
Property and equipment, net 91,409 103,351
Right of use asset operating leases 159,424 282,095
Intangible assets, net 252,404 317,308
TOTAL ASSETS 1,602,119 2,009,541
CURRENT LIABILITIES    
Accounts payable 1,062,565 637,238
Accrued employee compensation 376,760 167,247
Accrued professional fees and other 2,722,666 2,497,762
Accrued interest and dividends payable 4,576,350 10,803,983
Deferred revenue 253,152 58,242
Convertible debt, net of unamortized debt discounts of $744,393 and $455,517, respectively 18,222,120 17,823,669
Other debt, net of unamortized discounts of $0 and $0, respectively 2,030,510 1,638,969
Related party, net of unamortized debt discount of $514 and $7,915, respectively 647,986 634,885
Right of use operating lease liability 66,259 142,171
Total current liabilities 29,958,368 34,404,166
LONG TERM LIABILITIES    
Long term debt 162,522 150,000
Right of use operating lease liability long term 71,287 139,924
Deferred revenue 10,645 1,822
TOTAL LONG TERM LIABILITIES 244,454 291,746
TOTAL LIABILITIES 30,202,822 34,695,912
COMMITMENTS AND CONTINGENCIES (Note 4)
STOCKHOLDERS’ DEFICIT    
Preferred stock, value 100 1,098
Common stock, $.01 par value; 100,000,000 shares authorized; 23,399,945 and 13,682,910 shares issued and outstanding on September 30, 2023 and December 31, 2022, respectively 234,000 136,829
Warrants to acquire common stock 35,684,321 31,995,762
Additional paid-in capital 93,973,646 69,006,145
Accumulated deficit (158,492,770) (133,826,205)
TOTAL STOCKHOLDERS’ DEFICIT (28,600,703) (32,686,371)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 1,602,119 $ 2,009,541