Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
 [1]
Current Assets    
Cash and cash equivalents $ 181,500 $ 47,300
Accounts receivable, net of allowance for doubtful accounts of $800 and $11,800, respectively 535,900 375,600
Inventory 99,000 250,200
Costs and estimated earnings in excess of billings on uncompleted contracts 6,800
Prepaid expenses and other current assets 223,200 110,600
Total Current Assets 1,039,600 790,500
Property and equipment, net 497,800 548,000
Intangible Assets, net 431,300 447,300
Right of use assets 326,600 380,400
Other assets 50,500 50,500
TOTAL ASSETS 2,345,800 2,216,700
Current Liabilities    
Accounts payable 816,000 1,109,200
Accrued liabilities 2,283,000 1,977,200
Billings in excess of costs and estimated earnings on uncompleted contracts 616,300 323,900
Deferred revenue 13,700 30,200
Payroll taxes payable 1,074,000 1,085,400
Customer deposits 16,400 16,400
Paycheck protection program liabilities 720,400 590,300
Short term notes 2,898,800 3,032,800
Short term notes and accrued interest - related party 226,100 208,100
Convertible notes 1,605,000 1,605,000
Current portion of long-term debt and capital lease obligations 524,900 523,900
Current portion of lease liabilities 48,900 78,100
Total Current Liabilities 10,843,500 10,580,500
Lease liabilities net of current portion 310,600 334,700
Long term debt and capital lease obligations, net of current portion 881,300 30,300
Total Liabilities 12,035,400 10,945,500
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; 65,288,575 and 65,088,575 shares issued, issuable ** and outstanding June 30, 2020, and December 31, 2020, respectively 65,100 65,100
Common stock issuable 25,000 25,000
Additional paid-in capital 22,970,700 22,961,200
Stock Subscription receivable (25,000) (25,000)
Accumulated deficit (30,622,900) (29,693,700)
Total stockholders’ deficit (7,587,100) (6,667,400)
Non-controlling interest (2,102,500) (2,061,400)
Total Deficit (9,689,600) (8,728,800)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 2,345,800 $ 2,216,700
[1] These numbers were derived from the audited financial statements for the year ended December 31, 2020.