Price | -0.00 | EPS | -0 | |
Shares | 28 | P/E | 0 | |
MCap | -0 | P/FCF | 0 | |
Net Debt | 1 | EBIT | -8 | |
TEV | 1 | TEV/EBIT | -0 | TTM 2019-06-30, in MM, except price, ratios |
10-Q | 2020-06-30 | Filed 2020-09-09 |
10-Q | 2020-03-31 | Filed 2020-09-09 |
10-Q | 2019-12-31 | Filed 2020-09-08 |
10-K | 2019-09-30 | Filed 2020-05-20 |
10-Q | 2019-06-30 | Filed 2019-11-15 |
10-Q | 2019-03-31 | Filed 2019-10-18 |
10-Q | 2018-12-31 | Filed 2019-09-30 |
10-K | 2018-09-30 | Filed 2019-08-19 |
10-Q | 2018-06-30 | Filed 2018-08-14 |
10-Q | 2018-03-31 | Filed 2018-05-16 |
10-Q | 2017-12-31 | Filed 2018-02-13 |
10-K | 2017-09-30 | Filed 2018-01-17 |
10-Q | 2017-06-30 | Filed 2017-08-21 |
10-Q | 2017-03-31 | Filed 2017-05-22 |
10-Q | 2016-12-31 | Filed 2017-04-19 |
10-K | 2016-09-30 | Filed 2017-02-24 |
10-Q | 2016-06-30 | Filed 2016-09-15 |
10-Q | 2016-03-31 | Filed 2016-06-03 |
10-Q | 2015-12-31 | Filed 2016-02-29 |
10-K | 2015-09-30 | Filed 2016-02-02 |
10-Q | 2015-06-30 | Filed 2015-08-14 |
10-Q | 2015-03-31 | Filed 2015-05-14 |
10-Q | 2014-12-31 | Filed 2015-02-12 |
8-K | 2021-02-04 | Enter Agreement, Off-BS Arrangement, Sale of Shares, Regulation FD |
8-K | 2021-02-02 | M&A, Regulation FD |
8-K | 2020-12-31 | Officers |
8-K | 2020-11-17 | |
8-K | 2020-09-08 | |
8-K | 2020-07-06 | |
8-K | 2020-06-28 | |
8-K | 2020-05-15 | |
8-K | 2020-01-15 | |
8-K | 2019-11-20 | |
8-K | 2019-08-27 | |
8-K | 2019-06-20 | |
8-K | 2019-05-20 | |
8-K | 2019-05-01 | |
8-K | 2019-03-20 | |
8-K | 2019-02-13 | |
8-K | 2019-01-17 | |
8-K | 2018-12-31 | |
8-K | 2018-11-19 | |
8-K | 2018-10-15 | |
8-K | 2018-08-27 | |
8-K | 2018-08-15 | |
8-K | 2018-06-27 | |
8-K | 2018-06-22 | |
8-K | 2018-05-02 | |
8-K | 2018-04-29 | |
8-K | 2018-04-18 | |
8-K | 2018-04-16 | |
8-K | 2018-02-06 | |
8-K | 2018-01-30 | |
8-K | 2018-01-01 | |
8-K | 2017-12-27 |
Part I &Mdash; Financial Information |
Note 1 - Organization, Basis of Presentation and Significant Accounting Policies |
Note 2 - Going Concern |
Note 3 - Fair Value of Financial Instruments |
Note 4 - Leases |
Note 5 - Intangible Assets |
Note 6 - Concentration of Credit Risk |
Note 7 - Property and Equipment |
Note 8 - Related Party Transactions |
Note 9 - Stockholders' Equity |
Note 10 - Loans Payable |
Note 11 - Convertible Notes Payable |
Note 12 - Convertible Debentures |
Note 13 - Derivative Liability |
Note 14 - Stock Options and Warrants |
Note 15 - Subsequent Events |
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3 - Quantitative and Qualitative Disclosures About Market Risk |
Item 4 - Controls and Procedures |
Part II &Mdash; Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-31.1 | ex31-1.htm |
EX-31.2 | ex31-2.htm |
EX-32.1 | ex32-1.htm |
EX-32.2 | ex32-2.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________.
Commission File Number: 000-12350
EVIO, INC.
(Exact name of registrant as specified in its charter)
Colorado | 47-1890509 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) | |
2654 W. Horizon Ridge Pkwy, Suite B5-208 Henderson, NV | 89052 | |
(Address of principal executive offices) | (Zip Code) |
(702) 748-9944
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
N/A | N/A | N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | [ ] | Non-accelerated filer | [ ] |
Accelerated filer | [ ] | Smaller reporting company | [X] |
Emerging growth company | [X] |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
As of September 4, 2020 there were 89,142,473 shares of common stock outstanding.
EVIO, INC.
FORM 10-Q
QUARTERLY PERIOD ENDED JUNE 30, 2020
TABLE OF CONTENTS
2 |
PART I — FINANCIAL INFORMATION
EVIO, INC.
Consolidated Balance Sheets (Unaudited)
June 30, | September 30, | |||||||
2020 | 2019 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 71,396 | $ | 110,325 | ||||
Accounts receivable, net | 110,786 | 133,022 | ||||||
Prepaid expenses | 105,039 | 190,460 | ||||||
Other current assets | 44,766 | 9,689 | ||||||
Note receivable, current portion | 538,904 | 538,904 | ||||||
Total current assets | 870,891 | 982,400 | ||||||
Right of use assets | 1,832,856 | 2,543,976 | ||||||
Capital assets, net | 1,116,734 | 1,383,828 | ||||||
Land | 212,550 | 212,550 | ||||||
Property and equipment, net | 2,643,460 | 3,080,426 | ||||||
Security deposits | 176,650 | 178,918 | ||||||
Prepaid expenses, net | - | 4,061 | ||||||
Total assets | $ | 6,853,141 | $ | 8,386,159 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 4,443,243 | $ | 3,811,237 | ||||
Client deposits | 42,022 | 108,418 | ||||||
Interest payable | 1,693,136 | 1,387,642 | ||||||
Capital lease obligation, current | 902,894 | 957,673 | ||||||
Derivative liability | 2,134,395 | 2,545,735 | ||||||
Convertible notes payable, net of discounts | 3,721,712 | 3,695,484 | ||||||
Loans payable, net of discounts, current | 788,006 | 762,476 | ||||||
Total current liabilities | 13,725,408 | 13,268,665 | ||||||
Convertible debentures, net of loan discounts | 3,694,043 | 1,734,890 | ||||||
Lease liabilities | 1,886,722 | 2,594,726 | ||||||
Capital lease obligation, net | 121,729 | 381,786 | ||||||
Loans payable, net | 702,578 | 657,603 | ||||||
Loans payable, related party, net | 1,417,793 | 1,560,849 | ||||||
Total liabilities | 21,548,273 | 20,198,519 | ||||||
Commitments and contingencies | - | - | ||||||
Stockholders’ Equity: | ||||||||
Series B convertible preferred stock, $0.0001 par value. 5,000,000 authorized; 5,000,000 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively | 500 | 500 | ||||||
Series C convertible preferred stock, $0.0001 par value. 500,000 authorized; 500,000 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively | 50 | 50 | ||||||
Series D convertible preferred stock, $0.0001 par value. 1,000,000 authorized; 349,500 and 349,500 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively | 34 | 34 | ||||||
Common stock, $0.0001 par value. 1,000,000,000 authorized; 94,217,473 and 29,314,419 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively | 9,422 | 2,931 | ||||||
Stock subscriptions receivable | - | - | ||||||
Additional paid-in capital | 30,001,524 | 26,498,076 | ||||||
Retained earnings (accumulated deficit) | (44,391,942 | ) | (37,775,183 | ) | ||||
Accumulated other comprehensive income | (328,036 | ) | (353,090 | ) | ||||
Total stockholders’ equity | (14,708,448 | ) | (11,626,682 | ) | ||||
Noncontrolling interest | 13,317 | (185,678 | ) | |||||
Total equity | (14,695,131 | ) | (11,812,360 | ) | ||||
Total liabilities and equity | $ | 6,853,142 | $ | 8,386,159 |
The accompanying notes are an integral part of the consolidated financial statements.
3 |
EVIO, INC.
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Three Months Ended June 30, | Three Months Ended June 30, | |||||||
2020 | 2019 | |||||||
Revenues | ||||||||
Testing revenue | $ | 603,192 | $ | 1,098,310 | ||||
Consulting revenue | - | 3,000 | ||||||
Total revenues | 603,192 | 1,101,310 | ||||||
Cost of revenue | ||||||||
Testing services | 455,497 | 823,540 | ||||||
Consulting services | (1,824 | ) | - | |||||
Depreciation and amortization | 289,594 | 289,523 | ||||||
Total cost of revenue | 743,267 | 1,113,063 | ||||||
Gross margin | (140,075 | ) | (11,753 | ) | ||||
Operating expenses: | ||||||||
Selling, general and administrative | 147,873 | 1,504,539 | ||||||
Depreciation and amortization | 17,907 | 62,291 | ||||||
Total operating expenses | 165,780 | 1,566,830 | ||||||
Income (loss) from operations | (305,855 | ) | (1,578,583 | ) | ||||
Other income (expense) | ||||||||
Interest income (expense), net | (960,485 | ) | (592,089 | ) | ||||
Other income (expense) | (359,805 | ) | (178,549 | ) | ||||
Gain (loss) on settlement of debt | - | - | ||||||
Impairment charge | - | - | ||||||
Gain (loss) on change in fair market value of derivative liabilities | 224,783 | 981,421 | ||||||
Total other income (expense) | (1,095,507 | ) | 210,783 | |||||
Income (loss) before income taxes | (1,401,362 | ) | (1,367,800 | ) | ||||
Provision for income taxes (benefit) | - | 2,735 | ||||||
Net income (loss) | (1,401,362 | ) | (1,370,535 | ) | ||||
Net income (loss) attributable to noncontrolling interest | (51,954 | ) | (49,257 | ) | ||||
Net income (loss) attributable to EVIO, Inc. shareholders | $ | (1,349,408 | ) | $ | (1,321,278 | ) | ||
Basic and diluted earnings (loss) per common share | $ | (0.03 | ) | $ | (0.05 | ) | ||
Weighted-average number of common shares outstanding: | ||||||||
Basic and diluted | 49,561,707 | 25,366,021 | ||||||
Comprehensive loss: | ||||||||
Net income (loss) | $ | (1,401,362 | ) | $ | (1,370,535 | ) | ||
Foreign currency translation adjustment | 26,282 | 64,261 | ||||||
Comprehensive income (loss) | $ | (1,375,080 | ) | $ | (1,306,274 | ) |
The accompanying notes are an integral part of the consolidated financial statements.
4 |
EVIO, INC.
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended June 30, | Nine Months Ended June 30, | |||||||
2020 | 2019 | |||||||
Cash flows from operating activities of continuing operations: | ||||||||
Net income (loss) | $ | (6,688,377 | ) | $ | (7,842,302 | ) | ||
Adjustments to reconcile net loss to cash used in operating activities: | ||||||||
Amortization of debt discount | 2,875,551 | 2,241,279 | ||||||
Common stock issued in exchange for fees and services | 333,830 | 342,910 | ||||||
Default penalties and other covenant adjustments on convertible debentures | 62,500 | |||||||
Deferred taxes | - | - | ||||||
Depreciation and amortization | 819,099 | 1,080,100 | ||||||
Impairment of goodwill and long lived assets | 375,614 | - | ||||||
Loss on disposal of assets | 2,979 | 64,095 | ||||||
Loss on settlement of accounts payable | - | - | ||||||
Loss on settlement of debt | 10,000 | - | ||||||
Provision for doubtful accounts | 25,873 | 49,835 | ||||||
Provision for excess or obsolete inventory | - | - | ||||||
Stock based compensation | 903,683 | 576,124 | ||||||
Unrealized (gain) loss on derivative liability | (450,580 | ) | (424,774 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (7,944 | ) | (144,052 | ) | ||||
Prepaid expenses | 89,483 | (74,605 | ) | |||||
Other current assets | (35,115 | ) | 89,842 | |||||
Security deposits | 1,775 | (35,646 | ) | |||||
Operating lease right of use assets | 3,116 | 49,541 | ||||||
Other assets | - | - | ||||||
Accounts payable and accrued liabilities | 471,812 | 1,281,150 | ||||||
Customer deposits and deferred revenues | (66,397 | ) | (206,113 | ) | ||||
Deposits, related party | - | - | ||||||
Income taxes payable | - | - | ||||||
Interest payable | 515,321 | 595,752 | ||||||
Net cash provided by (used in) operating activities | (757,777 | ) | (2,356,864 | ) | ||||
Cash flows from investing activities: | ||||||||
Cash consideration for acquisition of business | - | - | ||||||
Notes receivable | - | 761,096 | ||||||
Purchase of fixed assets | (39,206 | ) | (853,644 | ) | ||||
Purchase of intangible assets | - | - | ||||||
Net cash provided by (used in) financing activities | (39,206 | ) | (92,548 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of preferred stock, net of issuance costs | - | - | ||||||
Proceeds from issuance of common stock, net of issuance costs | - | 592,000 | ||||||
Proceeds from exercise of common stock purchase warrants, net of issuance costs | - | - | ||||||
Proceeds from issuance of convertible debentures | - | 374,000 | ||||||
Proceeds from issuance of convertible notes, net of issuance costs | 1,055,102 | 1,078,732 | ||||||
Proceeds from loans payable | - | 2,718 | ||||||
Proceeds from related party advances | 80,431 | 144,193 | ||||||
Repayments of capital leases | (294,727 | ) | 274,553 | |||||
Repayments of convertible debentures | - | - | ||||||
Repayments of loans payable | (34,920 | ) | (30,476 | ) | ||||
Repayments of related party loans payable | (71,063 | ) | (11,906 | ) | ||||
Net cash provided by (used in) financing activities | 734,823 | 2,423,814 | ||||||
Effect of exchange rates on cash and cash equivalents | 23,232 | 4,927 | ||||||
Net increase (decrease) in cash and cash equivalents | (38,928 | ) | (20,671 | ) | ||||
Cash and cash equivalents at beginning of period | 110,325 | 81,735 | ||||||
Cash and cash equivalents at end of period | $ | 71,397 | $ | 61,064 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | - | $ | - | ||||
Cash paid for income taxes | $ | - | $ | - | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Conversion of convertible note and accrued interest into common stock | $ | 1,828,842 | $ | 708,089 | ||||
Reclassification of derivative liability to additional paid in capital | $ | - | $ | - | ||||
Settlement of account payable for common stock | $ | 6,000 | $ | - | ||||
Common stock issued for settlement of note payable | $ | - | $ | 15,000 | ||||
Common stock issued for settlement of related party note payable | $ | - | $ | - | ||||
Common stock issued for subscription receivable | $ | - | $ | - | ||||
Conversion of Series D Preferred stock to common stock | $ | - | $ | 364,462 | ||||
Debt discount recorded on convertible notes and debentures payable upon initial measurement of derivative liability | $ | 39,241 | $ | 846,985 | ||||
Debt discounts recorded for beneficial conversion features on convertible debentures and notes payable | $ | 260,083 | $ | - | ||||
Debt discounts recorded for original issue discounts on convertible debentures | $ | - | ||||||
Vehicles financed through notes payable | $ | 105,424 | $ | - | ||||
Equipment financed through capital leases | $ | - | $ | 322,383 | ||||
Issuance of convertible notes payable and other obligations in connection with the acquisition of a business | $ | - | $ | - | ||||
Sale and assumption of note payable and accrued interest | $ | - | $ | 556,658 |
The accompanying notes are an integral part of the consolidated financial statements.
5 |
EVIO, INC.
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B | Series C | Series D | Stock | Additional | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Common Stock | Subscriptions | Paid-in | Retained | Comprehensive | Stockholders’ | Noncontrolling | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | Receivable | Capital | Earnings | Income | Equity | Interest | Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | 5,000,000 | $ | 500 | 500,000 | $ | 50 | 552,500 | $ | 55 | 16,068,505 | $ | 1,606 | $ | - | $ | 12,925,709 | $ | (10,258,765 | ) | $ | - | $ | 2,669,155 | $ | 545,328 | $ | 3,214,483 | |||||||||||||||||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | - | - | - | - | (3,199,989 | ) | - | (3,199,989 | ) | (257,101 | ) | (3,457,090 | ) | |||||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation | - | - | - | - | - | - | - | - | - | - | - | (317,132 | ) | (317,132 | ) | - | (317,132 | ) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with sales made under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
private offerings | - | - | - | - | - | - | 1,291,392 | 129 | - | 1,533,372 | - | - | 1,533,501 | - | 1,533,501 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the exercise of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
common stock purchase warrants | - | - | - | - | - | - | 13,333 | 1 | - | 7,998 | - | - | 7,999 | - | 7,999 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock as compensation to employees, officers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and/or directors | - | - | - | - | - | - | 140,000 | 14 | - | 272,548 | - | - | 272,562 | - | 272,562 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in exchange for consulting, professional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and other services provided | - | - | - | - | - | - | 15,000 | 2 | - | 10,805 | - | - | 10,807 | - | 10,807 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in satisfaction of debt issuances costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of accounts payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of loans payable | - | - | - | - | - | - | 2,121,233 | 212 | - | 1,493,573 | - | - | 1,493,785 | - | 1,493,785 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of debentures | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of related party notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of interest payable | - | - | - | - | - | - | 70,440 | 7 | - | 48,096 | - | - | 48,103 | - | 48,103 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock options issued under employee equity incentive plan | - | - | - | - | - | - | - | - | - | 321,898 | - | - | 321,898 | - | 321,898 | |||||||||||||||||||||||||||||||||||||||||||||
Reclassifcation of derivative liability to additional paid-in capital | - | - | - | - | - | - | - | - | - | 1,459,658 | - | - | 1,459,658 | - | 1,459,658 | |||||||||||||||||||||||||||||||||||||||||||||
Recognition of beneficial conversion features related to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
convertible debt instruments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition of equity interests in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,962,095 | 1,962,095 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 5,000,000 | $ | 500 | 500,000 | $ | 50 | 552,500 | $ | 55 | 19,719,903 | $ | 1,971 | $ | - | $ | 18,073,657 | $ | (13,458,754 | ) | $ | (317,132 | ) | $ | 4,300,347 | $ | 2,250,322 | $ | 6,550,669 |
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Additional | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Common Stock | Paid-in | Paid-in | Retained | Comprehensive | Stockholders’ | Noncontrolling | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | Capital | Capital | Earnings | Income | Equity | Interest | Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 5,000,000 | $ | 500 | 500,000 | $ | 50 | 339,500 | $ | 34 | 78,717,473 | $ | 7,872 | $ | - | $ | 29,695,137 | $ | (43,042,534 | ) | $ | (348,167 | ) | $ | (13,687,108 | ) | $ | (205,342 | ) | $ | (13,892,450 | ) | |||||||||||||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | - | - | - | - | (1,349,408 | ) | - | (1,349,408 | ) | (51,954 | ) | (1,401,362 | ) | |||||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation | - | - | - | - | - | - | - | - | - | - | - | 20,131 | 20,131 | - | 20,131 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with sales made under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
private offerings | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with stock subscriptions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
received under private offerings | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the exercise of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
common stock purchase warrants | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock as compensation to employees, officers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and/or directors | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in exchange for consulting, professional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and other services provided | - | - | - | - | - | - | 500,000 | 50 | - | 4,950 | - | - | 5,000 | - | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in satisfaction of debt issuances costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of accounts payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of loans payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of debentures | - | - | - | - | - | - | 10,000,000 | 1,000 | - | 99,000 | - | - | 100,000 | - | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of related party notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of interest payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock purchase warrants in satisfaction of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
debt issuances costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Reclassifcation of derivative liability to additional paid-in capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Recognition of beneficial conversion features related to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
convertible debt instruments | - | - | - | - | - | - | - | - | - | 84,763 | - | - | 84,763 | - | 84,763 | |||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation related to employee stock options | - | - | - | - | - | - | - | - | - | 13,173 | - | - | 13,173 | - | 13,173 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition of equity interests in subsidiaries | - | - | - | - | - | - | 5,000,000 | 500 | - | 104,500 | - | - | 105,000 | 270,614 | 375,614 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 5,000,000 | $ | 500 | 500,000 | $ | 50 | 339,500 | $ | 34 | 94,217,473 | $ | 9,422 | $ | - | $ | 30,001,523 | $ | (44,391,942 | ) | $ | (328,036 | ) | $ | (14,708,449 | ) | $ | 13,318 | $ | (14,695,131 | ) |
The accompanying notes are an integral part of the consolidated financial statements.
6 |
EVIO, INC.
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B | Series C | Series D | Additional | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Common Stock | Paid-in | Retained | Comprehensive | Stockholders’ | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | Capital | Earnings | Income | Equity | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 5,000,000 | $ | 500 | 500,000 | $ | 50 | 552,500 | $ | 55 | 23,255,411 | $ | 2,326 | $ | 21,495,621 | $ | (19,226,462 | ) | $ | (263,985 | ) | $ | 2,008,105 | $ | 1,934,634 | $ | 3,942,739 | ||||||||||||||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | - | - | - | (18,548,721 | ) | - | (18,548,721 | ) | (2,120,312 | ) | (20,669,033 | ) | ||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation | - | - | - | - | - | - | - | - | - | - | (89,105 | ) | (89,105 | ) | - | (89,105 | ) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D preferred stock | - | - | - | - | (213,000 | ) | (21 | ) | 532,500 | 53 | (32 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with sales made under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
private offerings | - | - | - | - | - | - | 1,415,000 | 141 | 591,859 | - | - | 592,000 | - | 592,000 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with stock subscriptions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
received under private offerings | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the exercise of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
common stock purchase warrants | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock as compensation to employees, officers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and/or directors | - | - | - | - | - | - | 287,500 | 29 | 397,691 | - | - | 397,720 | - | 397,720 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in exchange for consulting, professional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and other services provided | - | - | - | - | - | - | 1,038,017 | 104 | 331,047 | - | - | 331,151 | - | 331,151 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in satisfaction of debt issuances costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of accounts payable | - | - | - | - | - | - | 31,579 | 3 | 14,997 | - | - | 15,000 | - | 15,000 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of loans payable | - | - | - | - | - | - | 2,054,887 | 205 | 686,995 | - | - | 687,200 | - | 687,200 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of debentures | - | - | - | - | - | - | 669,362 | 67 | 387,933 | - | - | 388,000 | - | 388,000 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of related party notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of interest payable | - | - | - | - | - | - | 10,163 | 1 | 25,109 | - | - | 25,110 | - | 25,110 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock purchase warrants in satisfaction of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
debt issuances costs | - | - | - | - | - | - | 20,000 | 2 | 11,758 | - | - | 11,760 | - | 11,760 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of derivative liability to additional paid-in capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Recognition of beneficial conversion features related to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
convertible debt instruments | - | - | - | - | - | - | - | - | 1,844,834 | - | - | 1,844,834 | - | 1,844,834 | ||||||||||||||||||||||||||||||||||||||||||
Stock based compensation related to employee stock options | - | - | - | - | - | - | - | - | 710,264 | - | - | 710,264 | - | 710,264 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of equity interests in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 5,000,000 | $ | 500 | 500,000 | $ | 50 | 339,500 | $ | 34 | 29,314,419 | $ | 2,931 | $ | 26,498,076 | $ | (37,775,183 | ) | $ | (353,090 | ) | $ | (11,626,682 | ) | $ | (185,678 | ) | $ | (11,812,360 | ) | |||||||||||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | - | - | - | (6,616,759 | ) | - | (6,616,759 | ) | (71,618 | ) | (6,688,377 | ) | ||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation | - | - | - | - | - | - | - | - | - | - | 25,054 | 25,054 | - | 25,054 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with sales made under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
private offerings | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with stock subscriptions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
received under private offerings | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the exercise of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
common stock purchase warrants | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock as compensation to employees, officers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and/or directors | - | - | - | - | - | - | 7,453,538 | 745 | 742,367 | - | - | 743,112 | - | 743,112 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in exchange for consulting, professional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and other services provided | - | - | - | - | - | - | 5,775,670 | 578 | 333,252 | - | - | 333,830 | - | 333,830 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in satisfaction of debt default penalties | - | - | - | - | - | - | 2,285,449 | 229 | 62,271 | - | - | 62,500 | - | 62,500 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of accounts payable | - | - | - | - | - | - | 26,666 | 3 | 5,997 | - | - | 6,000 | - | 6,000 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of a legal matter | - | - | - | - | - | - | 144,928 | 14 | 9,986 | - | - | 10,000 | - | 10,000 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the settlement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of loans payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of debentures | - | - | - | - | - | - | 39,606,438 | 3,961 | 1,615,424 | - | - | 1,619,385 | - | 1,619,385 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of related party notes payable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the conversion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of interest payable | - | - | - | - | - | - | 4,610,365 | 461 |   |