Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
 [1]
Current Assets    
Cash and cash equivalents $ 33,600 $ 188,800
Accounts receivable, net of allowance for doubtful accounts of $19,800 and $0, respectively 544,400 536,600
Inventory 150,200 201,700
Contract assets 167,600 3,600
Prepaid expenses and other current assets 110,300 111,300
Total Current Assets 1,006,100 1,042,000
Property and equipment, net 416,800 433,000
Intangible Assets, net 408,300 419,300
Right of use assets 276,700 302,300
Other assets 40,600 40,600
TOTAL ASSETS 2,148,500 2,237,200
Current Liabilities    
Accounts payable 949,700 471,200
Accrued liabilities 2,652,500 2,230,100
Contract liabilities 349,300 525,900
Deferred revenue 6,400
Paycheck protection program liabilities 96,600
Short term notes 2,815,000 2,843,900
Short term notes and accrued interest - related party 195,200 180,800
Convertible notes 1,605,000 1,605,000
Current portion of long term debt and capital lease obligations 530,800 525,600
Current portion of lease liabilities 59,200 54,700
Total Current Liabilities 9,163,100 8,533,800
Lease liabilities net of current portion 249,700 280,300
Long term debt and capital lease obligations, net of current portion 1,864,200 1,619,600
Total Liabilities 11,277,000 10,433,700
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; 65,088,575 shares issued, issuable ** and outstanding June 30, 2022 and December 31, 2021 65,100 65,100
Common stock issuable 25,000 25,000
Additional paid-in capital 22,973,800 22,973,800
Stock Subscription receivable (25,000) (25,000)
Accumulated deficit (30,274,500) (29,364,800)
Total stockholders’ deficit (7,235,600) (6,325,900)
Non-controlling interest (1,892,900) (1,870,600)
Total Deficit (9,128,500) (8,196,500)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 2,148,500 $ 2,237,200
[1] These numbers were derived from the audited financial statements for the year ended December 31, 2021.