Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
 [1]
Current Assets    
Cash and cash equivalents $ 145,400 $ 188,800
Accounts receivable, net of allowance for doubtful accounts of $19,800 and $0, respectively 867,900 536,600
Inventory 22,300 201,700
Contract assets 76,400 3,600
Prepaid expenses and other current assets 120,300 111,300
Total Current Assets 1,232,300 1,042,000
Property and equipment, net 280,500 433,000
Intangible Assets, net 344,800 419,300
Right of use assets 263,400 302,300
Investments 182,200
Other assets 40,700 40,600
TOTAL ASSETS 2,343,900 2,237,200
Current Liabilities    
Accounts payable 914,100 471,200
Accrued liabilities 2,775,600 2,230,100
Contract liabilities 520,400 525,900
Deferred revenue 9,700
Paycheck protection program liabilities 96,600
Short term notes 3,397,600 2,843,900
Short term notes and accrued interest - related party 177,400 180,800
Convertible notes 1,605,000 1,605,000
Current portion of long term debt and capital lease obligations 531,300 525,600
Current portion of lease liabilities 60,900 54,700
Total Current Liabilities 9,992,000 8,533,800
Lease liabilities net of current portion 234,000 280,300
Long term debt and capital lease obligations, net of current portion 1,856,700 1,619,600
Total Liabilities 12,082,700 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 September 30, 2022 and December 31, 2021 [2] 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 Other Comprhensive Income
Accumulated deficit (30,874,100) (29,364,800)
Total stockholders’ deficit (7,835,200) (6,325,900)
Non-controlling interest (1,903,600) (1,870,600)
Total Deficit (9,738,800) (8,196,500)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 2,343,900 $ 2,237,200
[1] These numbers were derived from the audited financial statements for the year ended December 31, 2021.
[2] Includes 2,785,000 shares issuable at Setpember 30, 2022 and December 31, 2021, per terms of note agreements.