Annual report pursuant to Section 13 and 15(d)

Balance Sheets

v3.19.1
Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current Assets    
Cash $ 5,459,884 $ 44,348
Accounts receivable 985,854 153,407
Factor receivables, net of allowance for sales discounts of $13,000 at December 31, 2018 and 2017, respectively 1,542,835 1,663,398
Inventory 379,915 98,672
Prepaid assets 222,000 52,500
Total Current Assets 8,590,488 2,012,325
Property and equipment, net 224,196 344,919
Security deposit 36,014 44,567
Total Assets 8,850,698 2,401,811
Current Liabilities    
Accounts payable 1,962,901 2,331,224
Accrued liabilities 717,453 731,191
Accrued payroll taxes 150,559 469,271
Accrued interest 699,576
Other current liabilities 167,333 86,873
Advance from officer 400,000
Loan payable - Factor 1,304,512 1,078,941
Warrant derivative 23,507,247
Convertible debentures, net of debt discount and debt issuance cost of $0 and $835,854 at December 31, 2018 and 2017, respectively 4,864,146
Total Current Liabilities 27,810,005 10,661,222
Total Liabilities 27,810,005 10,661,222
Commitments and contingencies (Note 9)
Convertible PreferredStock    
Class B Convertible Preferred Stock,$0.0001 par value, 5,000,000 shares authorized; 0 shares and 198,875 shares issued and outstanding, net of discount of $0and $196,758 at December 31, 2018 and 2017 respectively 1,490,013
Stockholders' Deficit    
Common stock, $0.0001 par value, 100,000,000shares authorized; 9,870,873 shares and 3,679,500 shares issued and outstanding at December 31, 2018 and 2017, respectively 987 368
Additional paid in capital 20,152,107 1,711,197
Accumulated deficit (39,112,401) (11,460,989)
Total Stockholders' Deficit (18,959,307) (9,749,424)
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit $ 8,850,698 $ 2,401,811