Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 339,797 $ 346,040
Accounts receivable, less allowance for doubtful accounts of $0 and $774,841, respectively 814,578 3,056,213
Note receivable 14,959 14,959
Lifeline revenue due from USAC 233,090 60,790
Inventory 102,682
Prepaid expenses 32,349 96,883
Total current assets 1,537,455 3,574,885
Property and Equipment, less accumulated depreciation of $69,700 and $38,656, respectively 243,398 294,616
Intangible assets less accumulated amortization of $1058234 and $519,404, respectively 4,695,287 4,769,117
Goodwill 866,782 866,782
Investment in Centercom 349,036 203,700
Operating lease right of use asset, net 473,152 210,816
Other long-term assets 66,457
Total assets 8,165,110 9,986,373
Current liabilities:    
Accounts payable and accrued expenses - others 5,265,615 3,637,577
Accounts payable and accrued expenses - related party 1,546,246 998,517
Credit card liability 383,607 449,158
Loss contingency 38,040
Deferred revenue 317,148
Derivative liability 1,449,312 190,846
Operating lease liability 122,598 90,944
Line of credit 912,870 912,870
Convertible notes payable and current portion of long-term debt, net 725,301
Debt – related party 100,000
Notes payable and current portion of long-term debt, net 239,230 736,172
Total current liabilities 11,061,927 7,054,124
Long-term debt less current portion - related party 2,205,440 2,205,440
Operating lease liability - net 342,392 119,872
Trade payables - long term 869,868 869,868
Notes payable and long term portion of debt - net 648,082
Convertible promissory notes payable - net 4,436,684
Total liabilities 15,127,709 14,685,988
Stockholders' deficit:    
Common stock: $0.001 par value; 500,000,000 shares authorized; 112,923,912 shares and 102,193,579 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 112,923 102,193
Additional paid in capital 9,263,973 6,055,042
Accumulated deficit (16,353,217) (10,870,572)
Total stockholders' deficit (6,962,599) (4,699,615)
Total liabilities and stockholders' deficit 8,165,110 9,986,373
Series A Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock, value 13,000 13,000
Total stockholders' deficit 13,000 13,000
Series C Convertible Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock, value $ 722 $ 722