Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v3.19.1
Condensed Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current Assets    
Cash $ 2,446,029 $ 5,459,884
Accounts receivable 2,010,989 985,854
Factor receivables, net of allowance for sales discounts of $13,000 at March 31, 2019 and December 31, 2018, respectively 1,548,567 1,542,835
Inventory 1,713,906 379,915
Prepaid assets 390,237 222,000
Total Current Assets 8,109,728 8,590,488
Property and equipment, net 303,847 224,196
Security deposit 36,014 36,014
Total Assets 8,449,589 8,850,698
Current Liabilities    
Accounts payable 2,160,127 1,962,901
Accrued liabilities 203,234 717,453
Accrued payroll taxes 30,425 150,559
Other current liabilities 104,340 167,333
Loan payable - Factor 1,206,069 1,304,512
Warrant derivative 15,273,579 23,507,247
Total Current Liabilities 18,977,774 27,810,005
Total Liabilities 18,977,774 27,810,005
Commitments and contingencies (Note 5)
Stockholders' Deficit    
Common stock, $0.0001 par value, 100,000,000 shares authorized, 14,436,978 shares and 9,870,873 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 1,443 987
Additional paid in capital 28,082,560 20,152,107
Accumulated deficit (38,612,188) (39,112,401)
Total Stockholders' Deficit (10,528,185) (18,959,307)
Total Liabilities and Stockholders' Deficit $ 8,449,589 $ 8,850,698