Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.20.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash and cash equivalents $ 452,654 $ 691,536
Due from related party 26,497
Prepaid expenses and other 97,682 315,605
Total Current Assets 576,833 1,007,141
Property and Equipment    
Property and equipment, net 4,707 8,930
Other Assets    
Operating lease right-of-use assets, net of accumulated amortization 179,591 219,074
Intangible assets, net of accumulated amortization 9,244,790 9,642,454
Security deposit 5,535 5,535
Total Other Assets 9,429,916 9,867,063
Total Assets 10,011,456 10,883,134
Current Liabilities    
Senior convertible notes, net of debt issuance costs 804,643 802,503
Line of credit payable - related party 500,000
Note payable - Paycheck Protection Program, current portion 72,203
Current maturities of operating lease liability 71,967 77,992
Accrued interest 58,483 21,902
Accounts payable 73,371 75,612
Due to related parties 316
Accrued expenses 317,252 213,239
Total Current Liabilities 1,897,919 1,191,564
Non-current Liabilities    
Note payable - Paycheck Protection Program 90,256
Non-current operating lease liability 114,595 147,390
Net deferred tax liability 1,315,666 1,531,630
Total Liabilities 3,418,436 2,870,584
Commitments and Contingencies
Stockholders' Equity    
Common stock, par value $0.0001, 30,000,000 and 100,000,000 shares authorized; 5,514,447 and 5,486,476 issued and outstanding at June 30, 2020 and December 31, 2019 552 549
Additional paid-in capital 19,182,228 18,994,008
Common stock deemed dividend payable: 28,971 shares at par value 3
Accumulated deficit (12,589,760) (10,982,010)
Total Stockholders' Equity 6,593,020 8,012,550
Total Liabilities and Stockholders' Equity $ 10,011,456 $ 10,883,134