Financials

v3.19.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current Assets    
Cash $ 2,591,869 $ 69,628
Accounts receivable 76,163 15,242
Other receivables 81,648 5,144
Inventory 129,264
Prepaid expenses 365,167 59,678
Total Current Assets 3,244,111 149,692
Right-of-use Asset 1,092,102
Property and Equipment, net 274,820 266,875
Intangibles 3,496,000
Goodwill 5,133,724
Other Assets 40,839 38,288
Total Assets 13,281,596 454,855
Current Liabilities    
Interest payable 123,070 158,371
Accounts payable 941,303 851,604
Accounts payable to related parties 180,000
Accrued payroll 170,084
Accrued liabilities 272,740 183,183
Other current liabilities 227,752 463,025
Notes payable 248,155 30,852
Short-term note payable, net of debt discount 561,696
Dividend payable 76,315
Deferred revenue 395,814 322,264
Lease liability, current portion 484,087
Total Current Liabilities 3,501,016 2,189,299
Long-Term Liabilities    
Lease liability, net of current portion 629,559
Convertible debt to a related party 4,306,300
Deferred rent 22,206
Total Long-Term Liabilities 629,559 4,328,506
Total Liabilities 4,130,575 6,517,805
Commitments and Contingencies
Stockholders' Equity (Deficit)    
Common stock - $.001 par value: 199,000,000 and 49,500,000 shares authorized as of March 31, 2019 and December 31, 2018, respectively. 94,036,746 and 33,681,388 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 94,037 33,661
Additional paid-in capital 17,610,529 3,566,339
Accumulated deficit (8,183,420) (9,292,818)
Non-controlling interest (370,132) (370,132)
Total Stockholders' Equity (Deficit) 9,151,021 (6,062,950)
Total Liabilities and Stockholders' Equity (Deficit) 13,281,596 454,855
Series A Convertible Preferred Stock [Member]    
Stockholders' Equity (Deficit)    
Preferred stock , value
Series B Convertible Preferred Stock [Member]    
Stockholders' Equity (Deficit)    
Preferred stock , value 7
Series C Convertible Preferred Stock [Member]    
Stockholders' Equity (Deficit)    
Preferred stock , value

Source

v3.19.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Revenues $ 1,324,240 $ 2,902,797
Cost of Sales (559,319) (858,855)
Gross Profit 764,921 2,043,942
Operating Expenses    
General and administrative 3,020,509 2,150,438
Sales and marketing 1,135,546 737,505
Depreciation and amortization 211,218 24,497
Total Operating Expenses 4,367,273 2,912,440
Operating Loss (3,602,352) (868,498)
Other Income (Expense)    
Other income 2,152
Foreign currency transaction loss (2,357)
Interest expense (92,259) (28,702)
Total Other Income (Expense) (92,464) (28,702)
Net Loss (3,694,816) (897,200)
Dividend on outstanding Series B Preferred Stock 24,639
Deemed dividend on adjustment to exercise price on certain warrants 404,384
Deemed dividend on Beneficial Conversion Features 32,592
Net loss attributable to common stockholders $ (4,156,431) $ (897,200)
Loss per share - Basic and Diluted $ (0.05) $ (0.03)
Weighted average outstanding shares used to compute basic and diluted net loss per share 85,513,024 33,661,388

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities    
Net loss $ (3,694,816) $ (897,200)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 211,218 24,497
Amortization of debt discount 63,578
Stock-based compensation 89,043
Common stock issued for consulting services 52,034
Changes in operating assets and liabilities, net of purchase transaction :    
Accounts receivable 84,836 (26,769)
Other receivables (76,504)
Accounts receivable from related parties (25,361)
Inventory 2,191
Prepaid expenses and other assets (132,765) 112,798
Interest payable 23,122 19,160
Accounts payable (527,148) (27,434)
Accounts payable to related parties (180,000)
Accrued payroll (281,123)
Accrued liabilities 78,711 (151,615)
Dividends payable (6,137)  
Deferred revenue 123,077 (390,271)
Net Cash Used in Operating Activities (4,170,683) (1,362,195)
Cash Flows from Investing Activities    
Purchase of property and equipment (4,570) (194,108)
Purchase of business, net of cash acquired (302,710)
Net assets not included in purchase transaction (69,629)
Net Cash Used in Investing Activities (376,909) (194,108)
Cash Flows from Financing Activities    
Payments on note payable obligations (22,407)
Borrowings from note payable obligations 8,656 8,081
Proceeds from issuance of preferred and common stock, net of offering costs 4,217,946
Proceeds from issuance of warrants, net of offering costs 2,565,638
Proceeds from issuance of note payable 1,459,510
Proceeds from contribution from stockholders 300,000
Net Cash Provided by Financing Activities 7,069,833 1,467,591
Net Increase (Decrease) in Cash 2,522,241 (88,712)
Cash - Beginning of period 69,628 251,330
Cash - End of period 2,591,869 162,618
Supplementary Cash Flow Information    
Cash paid for interest 6,100 1,931
Non-cash investing and financing activities    
Financing agreement for insurance policy 127,500
Conversion of note and accrued interest to common stock 100,667
Issuance of common stock for Series B Preferred Stock conversion 513
Dividends accrued $ 18,502

Source

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