Financials

 

CONDENSED CONSOLIDATED BALANCE SHEETS – USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets
Cash $ 101,029 $ 162,795
Accounts Receivable 123,514 157,013
Prepaid Expenses and Other Current Assets 104,102 132,950
Inventories 1,066,575 1,127,072
Total current assets 1,395,220 1,579,830
Fixed Assets, net 101,158 99,001
Website Acquisition Assets, net 815,572 967,114
Tradenames 150,000 150,000
Other Assets 51,497 184,400
Total Assets 2,513,447 2,980,345
Current Liabilities
Accounts payable 590,724 654,140
Accrued Interest 73,958 11,111
Accrued Interest to Related Party 12,450 5,592
Premium Finance Loan Payable 4,694 53,643
Deferred Rent 15,976
Note Payable 500,000 500,000
Total Current Liabilities 1,197,802 1,224,486
Long Term Debt to Related Parties, net 680,673 185,905
Total Liabilities 1,878,475 1,410,391
Commitments and contingencies (See Note 9)
Shareholders’ Equity
Common stock, par value $0.01, 324,000,000 shares authorized, 44,943,631 issued and outstanding and 44,901,531 issued and outstanding, respectively 449,437 449,016
Additional paid-in capital 10,566,521 9,944,744
Accumulated Deficit (10,381,986) (8,824,806)
Total shareholders’ equity 634,972 1,569,954
Total liabilities and shareholders’ equity 2,513,447 2,980,345
Series A Preferred Stock [Member]
Shareholders’ Equity
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding 1,000 1,000
Series B Preferred Stock [Member]
Shareholders’ Equity
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding
Series C Preferred Stock [Member]
Shareholders’ Equity
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding
Series D Preferred Stock [Member]
Shareholders’ Equity
Preferred stock, par value $0.01, 20,000,000 shares authorized, 100,000 and 100,000 shares issued and outstanding
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) – USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]
Product Sales $ 572,931 $ 336,042 $ 1,124,286 $ 683,821
Revenues from services 93,890 123,128 203,633 199,764
Total revenues 666,821 459,170 1,327,919 883,585
Cost of sales 365,411 236,986 741,467 507,521
Gross profit 301,410 222,184 586,452 376,064
Selling, general and administrative expenses 1,064,765 732,339 1,948,968 1,519,053
Loss from operations (763,355) (510,155) (1,362,516) (1,142,989)
Other income (expense)
Interest income 137 6 219 10
Interest expense (34,591) (21,758) (69,751) (37,885)
Interest expense – related party (76,124) (125,132)
Total other income (expense) (110,578) (21,752) (194,664) (37,875)
Net loss before income taxes (873,933) (531,907) (1,557,180) (1,180,864)
Income taxes
Net loss (873,933) (531,907) (1,557,180) (1,180,864)
Preferred stock dividends
Series A, Series B, Series C and Series D preferred stock 754 110,197 2,727 218,186
Total preferred stock dividends 754 110,197 2,727 218,186
Net loss attributable to common shareholders $ (874,687) $ (642,104) $ (1,559,907) $ (1,399,050)
Basic and diluted net loss per share $ (0.02) $ (0.02) $ (0.03) $ (0.04)
Weighted average shares outstanding – basic and diluted 44,936,196 37,377,483 44,925,043 36,927,554
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) – USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:
Net loss $ (1,557,180) $ (1,180,864)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation 12,148 6,679
Amortization of debt discount 67,268 18,715
Amortization 151,542 124,425
Stock option compensation expense 73,838 77,124
Common stock issued for services 25,860 54,930
Changes in operating assets and liabilities:
Accounts receivable 33,499 3,302
Inventory 60,497 37,958
Prepaid expenses and other current assets 52,848 52,059
Accounts payable (63,416) (106,298)
Accrued interest 62,847
Accrued interest – related party 6,858
Deferred rents 15,976
Other assets 108,903 467
Net cash used in operating activities (948,512) (911,503)
Cash flows from investing activities:
Purchase of fixed assets (14,305) (5,621)
Purchase of websites (131,237)
Net cash used in investing activities (14,305) (136,858)
Cash flows from financing activities:
Sale of common stock 500,000
Repayments on insurance premium notes payable (48,949) (51,337)
Long-term debt – Loan from related parties 950,000 300,000
Net cash provided by financing activities 901,051 748,663
Net decrease in cash (61,766) (299,698)
Cash at beginning of period 162,795 416,187
Cash at end of period 101,029 116,489
Supplemental disclosure of cash flow information
Cash paid for Interest 52,400 13,714
Cash paid for Income taxes
Non-cash investing and financing activities
Premium finance loan payable recorded as prepaid 42,362 38,060
Payable for purchase of website 150,000
Debt discount on convertible notes payable $ 522,500

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