Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash and cash equivalents $ 158,500 $ 354,700 [1]
Accounts receivable, net of allowance for doubtful accounts of $1,000 and $11,800, respectively 340,400 686,800 [1]
Inventory 146,100 104,100 [1]
Costs and estimated earnings in excess of billings on uncompleted contracts 387,000 242,500 [1]
Prepaid expenses and other current assets 260,000 141,700 [1]
Total Current Assets 1,292,000 1,529,800 [1]
Property and Equipment, net 619,400 561,800 [1]
Intangible Assets, net 463,400 479,500 [1]
Right of use assets 470,300 437,300 [1]
Other Assets 53,500 53,500 [1]
TOTAL ASSETS 2,898,600 3,061,900 [1]
Current Liabilities    
Accounts payable 981,300 1,189,400 [1]
Accrued liabilities 1,716,600 1,506,800 [1]
Billings in excess of costs and estimated earnings on uncompleted contracts 325,100 327,100 [1]
Deferred revenue 117,100 32,900 [1]
Payroll taxes payable 1,068,800 1,052,200 [1]
Customer deposits 16,400 10,900 [1]
Paycheck protection program liabilities 590,300 [1]
Short term notes 2,605,400 2,408,100 [1]
Short term notes - related party 155,000 155,000 [1]
Convertible notes 1,605,000 1,605,000 [1]
Current portion of long term debt and capital lease obligations 259,700 258,100 [1]
Current portion of lease liabilities 143,100 86,100 [1]
Accrued interest - related party 45,100 27,100 [1]
Total Current Liabilities 9,628,900 8,658,700 [1]
Deferred revenue, non-current 13,700 30,200 [1]
Lease liabilities net of current portion 359,300 381,900
Long term debt and capital lease obligations, net of current portion 338,900 268,400 [1]
Total Liabilities 10,340,800 9,339,200 [1]
Commitments and contingencies [1]
Stockholders' deficit    
Preferred stock; $.001 par value; 5,000,000 shares authorized; -0- shares issued [1]
Common stock; $.001 par value; 70,000,000 shares authorized; 63,333,575 and 62,591,075 shares issued, issuable ** and outstanding June 30, 2020 and December 31, 2019, respectively [2] 63,300 62,600 [1]
Common stock issuable 25,000 25,000 [1]
Additional paid-in capital 22,740,100 22,651,100 [1]
Stock Subscription receivable (25,000) (25,000) [1]
Accumulated deficit (28,153,600) (26,964,300) [1]
Total stockholders' deficit (5,350,200) (4,250,600) [1]
Non-controlling interest (2,092,000) (2,026,700) [1]
Total Deficit (7,442,200) (6,277,300) [1]
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 2,898,600 $ 3,061,900 [1]
[1] These numbers were derived from the audited financial statements for the year ended December 31, 2019.
[2] Includes 1,630,000 and 887,500 shares issuable at June 30, 2020 and December 31, 2019, respectively, per terms of note agreements.