Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
 [1]
Current Assets    
Cash and cash equivalents $ 149,400 $ 354,700
Accounts receivable, net of allowance for doubtful accounts of $11,700 and $11,800, respectively 302,200 686,800
Inventory 180,400 104,100
Costs and estimated earnings in excess of billings on uncompleted contracts 485,600 242,500
Prepaid expenses and other current assets 426,800 225,500
Total Current Assets 1,544,400 1,613,600
Property and Equipment, net 545,100 561,800
Intangible Assets, net 471,400 479,500
Other Assets 396,400 407,000
TOTAL ASSETS 2,957,300 3,061,900
Current Liabilities    
Accounts payable 1,244,300 1,189,400
Accrued liabilities 1,616,600 1,592,900
Billings in excess of costs and estimated earnings on uncompleted contracts 463,100 327,100
Deferred revenue 117,100 32,900
Payroll taxes payable 1,060,400 1,052,200
Customer deposits 10,900 10,900
Short term notes 2,633,900 2,408,100
Short term notes - related party 155,000 155,000
Convertible notes 1,605,000 1,605,000
Current portion of long term debt and capital lease obligations 225,700 258,100
Accrued interest - related party 36,100 27,100
Total Current Liabilities 9,168,100 8,658,700
Deferred revenue, non-current 22,000 30,200
Other non-current liabilities 370,900 381,900
Long term debt and capital lease obligations, net of current portion 280,100 268,400
Total Liabilities 9,841,100 9,339,200
Commitments and contingencies
Stockholders' deficit    
Preferred stock; $.001 par value; 5,000,000 shares authorized; -0- shares issued
Common stock; $.001 par value; 70,000,000 shares authorized; 62,943,575 and 62,591,075 shares issued, issuable ** and outstanding March 31, 2020 and December 31, 2019, respectively [2] 62,900 62,600
Common stock issuable 25,000 25,000
Additional paid-in capital 22,697,700 22,651,100
Stock Subscription receivable (25,000) (25,000)
Accumulated deficit (27,590,400) (26,964,300)
Total stockholders' deficit (4,829,800) (4,250,600)
Non-controlling interest (2,054,000) (2,026,700)
Total Deficit (6,883,800) (6,277,300)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 2,957,300 $ 3,061,900
[1] These numbers were derived from the audited financial statements for the year ended December 31, 2019.
[2] Includes 1,240,000 and 887,500 shares issuable at March 31, 2020 and December 31, 2019, respectively, per terms of note agreements.