Financials

v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash $ 2,497,128 $ 1,504,225
Accounts receivable 2,549,022 2,777,607
Inventory 801,602 991,131
Prepaid expenses and other assets 226,410 267,393
Total current assets 6,074,162 5,540,356
Security deposits 10,175 10,175
Property and equipment, net 1,819,879 1,828,592
Right of use asset - operating lease 21,140 51,563
Intellectual property, net 1,756,147 1,909,597
Total assets 9,681,503 9,340,283
Current liabilities    
Accounts payable and accrued expenses (related party $118,359 and $25,000 at September 30, 2023 and December 31, 2022, respectively) 4,201,605 2,946,835
Current portion of operating lease liability 22,176 43,262
Customer credits 167,000 167,000
Accrued salaries 12,844 67,478
Total current liabilities 4,403,625 3,224,575
Operating lease liability 0 11,289
Secured note payable, net of discount - related party 234,549 219,962
Unsecured note payable, net of discount and issuance costs - related party 10,647,851 9,663,056
Profit share liability - related party 4,251,705 3,638,260
Total liabilities 19,537,730 16,757,142
Stockholders' deficit    
Preferred stock, $0.001 par value: 2,000,000 shares authorized, no shares issued 0 0
Common stock, $0.001 par value; 150,000,000 shares authorized 94,298,372 and 93,087,796 shares issued and outstanding as of September 30, 2023 and December 31, 2022 respectively. 94,298 93,088
Additional paid-in capital 61,786,820 61,188,442
Accumulated deficit (71,737,345) (68,698,389)
Total stockholders' deficit (9,856,227) (7,416,859)
Total liabilities and stockholders' deficit $ 9,681,503 $ 9,340,283

Source

v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)        
Revenues $ 6,747,256 $ 7,485,972 $ 13,871,725 $ 15,956,439
Costs and expenses:        
Cost of sales 4,471,788 5,104,887 9,118,279 10,810,365
Selling, general and administrative expenses (related party of $137,967, $75,000, $379,634 and $225,385) 2,459,229 1,325,460 6,159,740 4,285,638
Interest expense (related party of $342,647, $317,510, $1,017,671 and $1,319,752) 344,193 317,510 1,019,217 1,319,752
Loss on change in fair value of profit share 299,548 168,736 613,445 476,153
Total costs and expenses 7,574,758 6,916,593 16,910,681 16,891,908
Net Income (loss) before provision for income taxes (827,502) 569,379 (3,038,956) (935,469)
Provision for income taxes 0 0 0 0
Net Income (loss) $ (827,502) $ 569,379 $ (3,038,956) $ (935,469)
Net Income (loss) per common share - basic $ (0.01) $ 0.01 $ (0.03) $ (0.01)
Weighted average common shares outstanding - basic 94,279,780 89,871,132 94,120,499 89,456,920
Net Income (loss) per common share - diluted $ (0.01) $ 0.01 $ (0.03) $ (0.01)
Weighted average common shares outstanding - dilutive 94,279,780 93,530,946 94,120,499 89,456,920

Source

v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDTIED) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (3,038,956) $ (935,469)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation - amortization of prepaid services 364,001 196,042
Stock-based compensation expense 26,088 337,367
Amortization of discount of notes payable 999,382 1,204,488
Amortization of debt issuance costs 0 79,188
Amortization of right to use assets - operating lease 30,423 281,521
Amortization of patent rights 153,450 153,450
Depreciation expense 11,454 11,204
Loss on change in fair value of profit share 613,445 476,153
Change in assets and liabilities    
Accounts receivable 228,585 (2,283,396)
Inventory 189,529 115,813
Deferred revenue and customer credits 0 22,500
Prepaid expenses and other assets 40,983 (286,838)
Accounts payable and accrued liabilities 1,254,769 818,385
Accrued salaries (54,634) (275,089)
Operating lease liability (32,375) (283,074)
Net cash provided by (used in) operating activities 786,144 (367,755)
Cash flows from investing activities    
Purchase of property and equipment (2,741) (10,727)
Net cash used in investing activities (2,741) (10,727)
Cash flows from financing activities    
Payments of equipment notes payable 0 (2,677)
Proceeds from the issuance of short-term debt - related party 0 250,000
Proceeds from exercise of stock options 209,500 0
Net cash provided by financing activities 209,500 247,323
Net increase (decrease) in cash 992,903 (131,159)
Cash - beginning of period 1,504,225 1,388,307
Cash - end of period 2,497,128 1,257,148
Cash paid during the period for:    
Interest 13,608 0
Taxes 0 13,213
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Stock issued for prepaid services $ 0 $ 160,000

Source