Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
 [1]
Current Assets    
Cash and cash equivalents $ 197,200 $ 354,700
Accounts receivable, net of allowance for doubtful accounts of $1,000 and $11,800, respectively 473,700 686,800
Inventory 95,100 104,100
Costs and estimated earnings in excess of billings on uncompleted contracts 309,600 242,500
Prepaid expenses and other current assets 209,200 141,700
Total Current Assets 1,284,800 1,529,800
Property and equipment, net 585,700 561,800
Intangible Assets, net 455,400 479,500
Right of use assets 425,000 437,300
Other assets 53,500 53,500
TOTAL ASSETS 2,804,400 3,061,900
Current Liabilities    
Accounts payable 1,052,600 1,189,400
Accrued liabilities 1,841,000 1,506,800
Billings in excess of costs and estimated earnings on uncompleted contracts 312,100 327,100
Deferred revenue 32,900 32,900
Payroll taxes payable 1,077,100 1,052,200
Customer deposits 16,400 10,900
Paycheck protection program liabilities 590,300
Short term notes 3,051,700 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 243,800 258,100
Current portion of lease liabilities 110,100 86,100
Accrued interest - related party 44,100 27,100
Total Current Liabilities 10,132,100 8,658,700
Deferred revenue, non-current 5,500 30,200
Lease liabilities net of current portion 347,300 381,900
Long term debt and capital lease obligations, net of current portion 330,700 268,400
Total Liabilities 10,815,600 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; 64,498,575 and 62,591,075 shares issued, issuable ** and outstanding September 30, 2020 and December 31, 2019, respectively [2] 64,500 62,600
Common stock issuable 25,000 25,000
Additional paid-in capital 22,825,600 22,651,100
Stock Subscription receivable (25,000) (25,000)
Accumulated deficit (28,778,600) (26,964,300)
Total stockholders' deficit (5,888,500) (4,250,600)
Non-controlling interest (2,122,700) (2,026,700)
Total Deficit (8,011,200) (6,277,300)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 2,804,400 $ 3,061,900
[1] These numbers were derived from the audited financial statements for the year ended December 31, 2019.
[2] Includes 2,795,000 and 887,500 shares issuable at September 30, 2020 and December 31, 2019, respectively, per terms of note agreements.