v3.10.0.1
Condensed Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 58,609 $ 44,348
Accounts receivable 979,629 153,407
Factor receivables, net of allowance for sales discounts of $13,000 at September 30, 2018 and December 31, 2017, respectively 1,226,006 1,663,398
Inventory - finished goods 44,453 98,672
Prepaid assets 47,000 52,500
Total Current Assets 2,355,697 2,012,325
Property and equipment, net 251,897 344,919
Security deposit 36,014 44,567
Deferred public offering cost 168,565
Total Assets 2,812,173 2,401,811
Current Liabilities    
Accounts payable 3,675,557 2,331,224
Accrued liabilities 1,171,144 731,191
Accrued payroll taxes 818,557 469,271
Accrued interest 735,083 699,576
Other current liabilities 61,434 86,873
Advance from officer 400,000 400,000
Loan payable - Factor 916,230 1,078,941
Notes payable, net of debt discounts of $334,686 at September 30, 2018 641,814
Convertible debentures, net of debt discount and debt issuance cost of $0 and $835,854 at September 30, 2018 and December 31, 2017, respectively 6,300,210 4,864,146
Total Current Liabilities 14,720,029 10,661,222
Total Liabilities 14,720,029 10,661,222
Commitments and contingencies (Note 8)
Class B Convertible Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 439,125 shares and 198,875 shares issued and outstanding, net of discount of $532,623 and $196,758 at September 30, 2018 and December 31, 2017, respectively (liquidation preference of $5,269,500 and $2,024,125 at September 30, 2018 and December 31, 2017, respectively) 2,790,743 1,490,013
Stockholders' Deficit    
Common stock, $0.0001 par value, 100,000,000 shares authorized, 3,687,867 shares and 3,679,500 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 370 368
Additional paid in capital 3,899,635 1,711,197
Accumulated deficit (18,598,604) (11,460,989)
Total Stockholders' Deficit (14,698,599) (9,749,424)
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit $ 2,812,173 $ 2,401,811

Source