Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets    
Cash and cash equivalents $ 142,277 $ 691,536
Due from related party 27,996
Prepaid expenses and other 186,252 315,605
Total Current Assets 356,525 1,007,141
Property and Equipment    
Software 19,740 19,740
Office equipment 9,327 9,327
Total Cost 29,067 29,067
Less: accumulated depreciation 22,249 20,137
Property and equipment, net 6,818 8,930
Other Assets    
Operating lease right-of-use assets, net of accumulated amortization 199,526 219,074
Intangible assets, net of accumulated amortization 9,443,622 9,642,454
Security deposit 5,535 5,535
Total Other Assets 9,648,683 9,867,063
Total Assets 10,012,026 10,883,134
Current Liabilities    
Senior convertible notes, net of debt issuance costs 803,573 802,503
Current maturities of operating lease liability 78,013 77,992
Accrued interest 38,002 21,902
Accounts payable 93,216 75,612
Due to related parties 316
Accrued expenses 233,498 213,239
Total Current Liabilities 1,246,302 1,191,564
Non-current Liabilities    
Non-current operating lease liability 128,152 147,390
Net deferred tax liability 1,403,501 1,531,630
Total Liabilities 2,777,955 2,870,584
Commitments and Contingencies
Stockholders' Equity    
Common stock, par value $0.0001, 100,000,000 shares authorized; 5,486,476 issued and outstanding at both March 31, 2020 and December 31, 2019 549 549
Additional paid-in capital 19,089,865 18,994,008
Common stock deemed dividend payable: 28,971 shares at par value 3 3
Accumulated deficit (11,856,346) (10,982,010)
Total Stockholders' Equity 7,234,071 8,012,550
Total Liabilities and Stockholders' Equity $ 10,012,026 $ 10,883,134