Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 24,975 $ 3,865
Accounts receivable 189,015 295,374
Inventories, net of $913,019 and $982,973 reserve, respectively 553,688 686,383
Prepaid expenses and other current assets 281,014 257,527
Total current assets 1,048,692 1,243,149
Investment in equity securities 83,883 63,638
Property and equipment, net 93,393 103,351
Right of use asset operating leases 175,750 282,095
Intangible assets, net 274,038 317,308
TOTAL ASSETS 1,675,756 2,009,541
CURRENT LIABILITIES    
Accounts payable 912,230 637,238
Accrued employee compensation 288,187 167,247
Accrued professional fees and other 2,560,269 2,497,762
Accrued interest and dividends payable 3,316,693 10,803,983
Deferred revenue 302,037 58,242
Convertible debt, net of unamortized debt discounts of $1,596,850 and $455,517, respectively 16,578,261 17,823,669
Other debt, net of unamortized discounts of $171,103 and $0, respectively 1,895,750 1,638,969
Related party, net of unamortized debt discount of $898 and $7,915, respectively 621,802 634,885
Right of use operating lease liability 65,640 142,171
Total current liabilities 26,540,869 34,404,166
LONG TERM LIABILITIES    
Long term debt 163,175 150,000
Right of use operating lease liability long term 80,906 139,924
Deferred revenue 5,902 1,822
TOTAL LIABILITIES 26,790,852 34,695,912
COMMITMENTS AND CONTINGENCIES (Note 4)
STOCKHOLDERS’ DEFICIT    
Preferred stock, value 95 1,098
Common stock, $.01 par value; 100,000,000 shares authorized; 19,585,905 and 13,682,910 shares issued and outstanding on June 30, 2023 and December 31, 2022, respectively 195,859 136,829
Warrants to acquire common stock 35,684,321 31,995,762
Additional paid-in capital 91,235,400 69,006,145
Accumulated deficit (152,230,771) (133,826,205)
TOTAL STOCKHOLDERS’ DEFICIT (25,115,096) (32,686,371)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 1,675,756 $ 2,009,541