Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 1,805,627 $ 2,057,843
Inventory 9,797 8,765
Prepaid expenses 52,105 40,986
Loan receivable 5,000 5,000
Marketable securities 150,000 0
Total current assets 2,022,529 2,112,594
Property, Plant and Equipment, Net 5,593 8,949
Other Assets:    
Acquired intangible asset - intellectual property licensing agreement, net 53,692 63,167
Security deposits 7,440 7,440
Total other assets 61,132 70,607
TOTAL ASSETS 2,089,254 2,192,150
Current liabilities:    
Accounts payable and accrued liabilities 217,728 441,753
Due to shareholder 412,500 5,000
Due to first insurance funding 23,280 22,807
Due to related party 1,649,832 1,605,520
Promissory note - related party (including accrued interest of $140,526 and $114,126 respectively) 1,020,526 994,126
Convertible note payable (including accrued interest of $0 and $90,487 respectively) net of unamortized debt discount of $0 and $714,573, respectively (see note 11) [1] 0 4,635,914
Total current liabilities 3,323,866 7,705,120
Long-term liabilities:    
Total long-term liabilities 4,847,207 771,523
TOTAL LIABILITIES 8,171,073 8,476,643
STOCKHOLDERS' DEFICIT    
Common Stock, Value, Issued 5,958 5,457
Additional paid in capital 22,863,608 15,923,789
Common stock, to be issued 41,000 24,000
Accumulated deficit (28,992,485) (22,237,839)
TOTAL STOCKHOLDERS' DEFICIT (6,081,819) (6,284,493)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 2,089,254 2,192,150
Series B Convertible Preferred Stock    
STOCKHOLDERS' DEFICIT    
Preferred Stock, Value, Issued 50 50
Series C Convertible Preferred Stock    
STOCKHOLDERS' DEFICIT    
Preferred Stock, Value, Issued 50 50
Convertible note payable 2    
Long-term liabilities:    
Notes Payable, Noncurrent [1] $ 4,847,207 $ 771,523
[1] See Note 11.