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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Zip Code) |
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(Registrant’s telephone number, including area code) |
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N/A |
(Former name, former address and formal fiscal year, if changed since last report) |
Title of each class: |
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Trading Symbol(s) |
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Name of each exchange on which registered: |
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Large accelerated filer ☐ |
Accelerated filer ☐ |
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☒ |
Smaller reporting company |
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Emerging growth company |
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March 31, |
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December 31, |
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2022 |
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2021 |
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(UNAUDITED) |
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Assets |
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Current Assets |
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Cash |
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$ |
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$ |
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Accounts receivable, net |
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Inventory, net |
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Prepaid and other current assets |
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Total Current Assets |
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Other Assets |
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Property and equipment, net |
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Right-of-use asset |
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Other assets |
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Total Assets |
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$ |
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$ |
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Liabilities and Stockholders’ Equity |
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Current Liabilities |
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Accounts payable |
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$ |
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$ |
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Accrued expenses |
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Lease liability, current maturities |
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Warrant liabilities |
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Total Current Liabilities |
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Lease liability, net of current maturities |
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Total Liabilities |
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Commitment and Contingencies (Note 5) |
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Stockholders’ Equity |
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Series C Preferred Stock, $ |
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Series D Preferred Stock, $ |
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Series E Preferred Stock, $ |
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Series F Preferred Stock, $ |
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Series G Preferred Stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
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Total Stockholders’ Equity |
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Total Liabilities and Stockholders’ Equity |
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$ |
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$ |
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3 |
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Three Months Ended March 31, |
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2022 |
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2021 |
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Revenues, net of allowances |
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Metal goods |
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$ |
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$ |
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Soft goods |
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Electronic goods |
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Total revenues, net of allowances |
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Cost of Goods Sold |
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Metal goods |
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Soft goods |
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Electronic goods |
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Total cost of goods sold |
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Gross profit |
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Operating expenses: |
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Selling, general and administrative expenses |
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Research and development |
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Total operating expenses |
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Income (loss) from operations |
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Other income (expense) |
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Warrant issuance costs |
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Change in fair value of warrant liabilities |
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Interest expense |
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Total other income (expense) |
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Net loss |
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$ |
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$ |
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Basic and diluted net loss per share attributed to common stockholders |
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$ |
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$ |
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Basic and diluted weighted average common shares outstanding |
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4 |
Series C |
Series D |
Series E |
Series F |
Series G |
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Preferred |
Preferred |
Preferred |
Preferred |
Preferred |
Additional |
Total |
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Stock |
Stock |
Stock |
Stock |
Stock |
Common Stock |
Paid-in |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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January 1, 2021 |
$ |
$ | $ | $ | $ | $ | $ | ( |
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Issuance of common stock upon conversion of warrants | - |
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Issuance of common stock for services | - |
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- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | - |
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- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | - |
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- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - |
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- | - | - | - | - | - | - | - | - | ( |
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Balance - March 31, 2021 |
$ |
$ | $ | $ | $ | $ | $ | $ | ( |
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January 1, 2022 |
$ |
$ | $ | $ | $ | $ | $ | $ | ( |
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Adoption of lease guidance | - |
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- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | - |
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- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | - |
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- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - |
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- | - | - | - | - | - | - | - | - | ( |
) | ( |
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March 31, 2022 |
$ |
$ | $ | $ | $ | $ | $ | ( |
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5 |
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Three Months Ended March 31, |
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2022 |
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2021 |
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Cash flows from operating activities: |
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Net loss |
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$ |
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$ |
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Adjustments to reconcile from net loss to net cash used i n operating activities: |
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Depreciation |
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Stock-based compensation expense |
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Amortization of capitalized contract costs |
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Amortization of right-of-use asset |
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Common stock issued for services |
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Warrant issuance costs |
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Loss on sale of property and equipment |
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Change in fair value of warrant liabilities |
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( |
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Changes in operating assets and liabilities |
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Accounts receivable, net |
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( |
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Factor receivables, net |
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( |
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Inventory |
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( |
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( |
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Prepaid assets |
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( |