Price | 0.51 | EPS | -0 | |
Shares | 3 | P/E | -1 | |
MCap | 2 | P/FCF | -2 | |
Net Debt | -2 | EBIT | -1 | |
TEV | -0 | TEV/EBIT | 0 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-16 |
S-1 | 2020-07-22 | Public Filing |
10-Q | 2020-06-30 | Filed 2020-08-10 |
10-Q | 2020-03-31 | Filed 2020-05-18 |
10-K | 2019-12-31 | Filed 2020-04-14 |
10-Q | 2019-09-30 | Filed 2019-11-14 |
10-Q | 2019-06-30 | Filed 2019-08-14 |
10-Q | 2019-03-31 | Filed 2019-05-15 |
10-K | 2018-12-31 | Filed 2019-04-16 |
10-Q | 2018-09-30 | Filed 2018-11-14 |
S-1 | 2018-09-05 | Public Filing |
10-Q | 2018-06-30 | Filed 2018-08-14 |
S-1 | 2018-05-22 | Public Filing |
10-Q | 2018-03-31 | Filed 2018-05-14 |
10-K | 2017-12-31 | Filed 2018-04-17 |
10-Q | 2017-09-30 | Filed 2017-11-14 |
10-Q | 2017-06-30 | Filed 2017-08-21 |
10-Q | 2017-03-31 | Filed 2017-05-15 |
10-K | 2016-12-31 | Filed 2017-03-31 |
10-Q | 2016-09-30 | Filed 2016-11-14 |
10-Q | 2016-06-30 | Filed 2016-08-15 |
10-Q | 2016-03-31 | Filed 2016-05-16 |
10-K | 2015-12-31 | Filed 2016-03-30 |
10-Q | 2015-09-30 | Filed 2015-12-03 |
8-K | 2020-10-26 | |
8-K | 2020-09-30 | |
8-K | 2020-09-28 | |
8-K | 2020-08-14 | |
8-K | 2020-07-14 | |
8-K | 2020-07-01 | |
8-K | 2020-06-25 | |
8-K | 2020-06-18 | |
8-K | 2020-05-11 | |
8-K | 2020-03-27 | |
8-K | 2020-03-23 | |
8-K | 2020-03-23 | |
8-K | 2020-03-20 | |
8-K | 2020-01-08 | |
8-K | 2020-01-03 | |
8-K | 2019-12-29 | |
8-K | 2019-09-25 | |
8-K | 2019-08-14 | |
8-K | 2019-05-16 | |
8-K | 2019-04-23 | |
8-K | 2019-04-16 | |
8-K | 2019-04-08 | |
8-K | 2019-01-16 | |
8-K | 2018-12-19 | |
8-K | 2018-11-14 | |
8-K | 2018-11-13 | |
8-K | 2018-10-30 | |
8-K | 2018-10-22 | |
8-K | 2018-10-15 | |
8-K | 2018-08-30 | |
8-K | 2018-08-14 | |
8-K | 2018-07-23 | |
8-K | 2018-07-09 | |
8-K | 2018-05-08 | |
8-K | 2018-04-20 | |
8-K | 2018-04-02 | |
8-K | 2018-02-28 | |
8-K | 2018-01-31 | |
8-K | 2017-12-29 |
Part I. Financial Information |
Item 1. Financial Statements |
Note 1. Summary of Significant Accounting Policies |
Note 2. Goodwill and Acquisition |
Note 3. Finance Receivables - Original Product |
Note 4. Finance Receivables - Special Product (New Neighbor Guaranty Program) |
Note 5. Due To Related Party |
Note 6. Debt and Other Financing Arrangements |
Note 7. Going Concern |
Note 8. Commitments and Contingencies |
Note 9. Stockholders' Equity |
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. Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales 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 | lmfa-ex311_6.htm |
EX-31.2 | lmfa-ex312_8.htm |
EX-32.1 | lmfa-ex321_7.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
(Mark One)
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 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 001-37605
LM FUNDING AMERICA, INC.
(Exact name of Registrant as specified in its charter)
Delaware | 47-3844457 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) |
|
|
1200 West Platt Street Suite 100 Tampa, FL | 33606 |
(Address of principal executive offices) | (Zip code) |
Registrant’s telephone number, including area code: 813-222-8996
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: | Trading symbol | Name of each exchange on which registered |
Common Stock par value $0.001 per share | LMFA | The Nasdaq Stock Market LLC |
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 ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer | ☐ | Accelerated filer | ☐ |
|
|
|
|
Non-accelerated filer | ☐ | Smaller reporting company | ☑ |
|
|
|
|
| Emerging growth company | ☑ |
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 ☑
The registrant had 15.4 million shares of Common Stock, par value $0.001 per share, outstanding as of November 16, 2020.
TABLE OF CONTENTS
|
| Page |
|
|
|
PART I. | 3 | |
|
|
|
Item 1. | 3 | |
|
|
|
| 3 | |
|
|
|
| 4 | |
|
|
|
| 5 | |
|
|
|
| 6 | |
| Notes to Unaudited Condensed Consolidated Financial Statements | 7 |
|
|
|
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 26 |
|
|
|
Item 3. | 35 | |
|
|
|
Item 4. | 35 | |
|
|
|
PART II. | 36 | |
|
|
|
Item 1. | 36 | |
|
|
|
Item 1A. | 36 | |
|
|
|
Item 2. | 37 | |
|
|
|
Item 3. | 37 | |
|
|
|
Item 4. | 37 | |
|
|
|
Item 5. | 37 | |
|
|
|
Item 6. | 38 | |
|
| |
39 |
2
LM Funding America, Inc. and Subsidiaries Condensed Consolidated Balance Sheets
|
| September 30, 2020 |
|
| December 31, 2019 |
| ||
|
| (Unaudited) |
|
|
|
|
| |
ASSETS |
|
|
|
|
|
|
|
|
Cash |
| $ | 12,234,506 |
|
| $ | 822,909 |
|
Finance receivables: |
|
|
|
|
|
|
|
|
Original product - net (Note 3) |
|
| 169,594 |
|
|
| 273,711 |
|
Special product - New Neighbor Guaranty program, net of allowance for credit losses of (Note 4) |
|
| 95,944 |
|
|
| 129,272 |
|
Prepaid expenses and other assets |
|
| 217,084 |
|
|
| 145,267 |
|
Due from related party (Note 5) |
|
| - |
|
|
| 125,045 |
|
Discontinued operations - current assets (Note 10) |
|
| - |
|
|
| 276,953 |
|
Current assets |
|
| 12,717,128 |
|
|
| 1,773,157 |
|
Fixed assets, net (Note 1) |
|
| 8,378 |
|
|
| 8,288 |
|
Real estate assets owned (Note 1) |
|
| 20,281 |
|
|
| 21,084 |
|
Operating lease - right of use assets (Note 8) |
|
| 185,370 |
|
|
| 260,260 |
|
Other investments - related party (Note 1) |
|
| - |
|
|
| 1,500,000 |
|
Goodwill (Note 2) |
|
| - |
|
|
| 4,039,586 |
|
Other Assets |
|
| 11,122 |
|
|
| 11,021 |
|
Discontinued operations - long-term assets, net (Note 10) |
|
| - |
|
|
| 27,245 |
|
Long-term assets |
|
| 225,151 |
|
|
| 5,867,484 |
|
Total assets |
| $ | 12,942,279 |
|
| $ | 7,640,641 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Note payable (Note 6) |
|
| - |
|
|
| 69,540 |
|
Related party convertible note payable |
|
| - |
|
|
| 3,461,782 |
|
Accounts payable and accrued expenses |
|
| 383,058 |
|
|
| 210,870 |
|
Due to related party (Note 5) |
|
| 264,412 |
|
|
| - |
|
Current portion of lease liability (Note 8) |
|
| 98,846 |
|
|
| 94,235 |
|
Discontinued operations - current liabilities (Note 10) |
|
| - |
|
|
| 280,057 |
|
Total current liabilities |
|
| 746,316 |
|
|
| 4,116,484 |
|
|
|
|
|
|
|
|
|
|
Lease liability - long-term (Note 8) |
|
| 97,368 |
|
|
| 171,648 |
|
Note payable - long-term (Note 6) |
|
| 339,797 |
|
|
| - |
|
Discontinued operations - long-term liabilities (Note 10) |
|
| - |
|
|
| 517,584 |
|
Long-term liabilities |
|
| 437,165 |
|
|
| 689,232 |
|
Total liabilities |
|
| 1,183,481 |
|
|
| 4,805,716 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, par value $.001; 30,000,000 shares authorized; 15,418,799 and 3,134,261 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively |
|
| 15,419 |
|
|
| 3,134 |
|
Additional paid-in capital |
|
| 29,978,962 |
|
|
| 17,326,553 |
|
Accumulated deficit |
|
| (18,235,583 | ) |
|
| (14,494,762 | ) |
Total stockholders’ equity |
|
| 11,758,798 |
|
|
| 2,834,925 |
|
Total liabilities and stockholders’ equity |
| $ | 12,942,279 |
|
| $ | 7,640,641 |
|
The accompanying notes are an integral part of these condensed unaudited consolidated financial statements.
3
LM Funding America, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (unaudited)
|
| For the Three Months Ended September 30, |
|
| For the Nine Months Ended September 30, |
| ||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on delinquent association fees |
| $ | 105,592 |
|
| $ | 348,451 |
|
| $ | 495,280 |
|
| $ | 1,226,464 |
|
Administrative and late fees |
|
| 19,929 |
|
|
| 33,690 |
|
|
| 78,397 |
|
|
| 116,497 |
|
Recoveries in excess of cost - special product |
|
| 37,127 |
|
|
| 30,927 |
|
|
| 122,117 |
|
|
| 57,199 |
|
Underwriting and other revenues |
|
| 27,651 |
|
|
| 49,242 |
|
|
| 96,815 |
|
|
| 164,757 |
|
Rental revenue |
|
| 62,185 |
|
|
| 90,353 |
|
|
| 143,609 |
|
|
| 310,307 |
|
Total revenues |
|
| 252,484 |
|
|
| 552,663 |
|
|
| 936,218 |
|
|
| 1,875,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Staff costs and payroll |
|
| 2,522,481 |
|
|
| 318,823 |
|
|
| 3,151,033 |
|
|
| 924,154 |
|
Professional fees |
|
| 385,705 |
|
|
| 380,307 |
|
|
| 1,372,281 |
|
|
| 1,334,380 |
|
Settlement costs with associations |
|
| 17,934 |
|
|
| 8,825 |
|
|
| 29,854 |
|
|
| 49,003 |
|
Selling, general and administrative |
|
| 96,483 |
|
|
| 102,027 |
|
|
| 251,434 |
|
|
| 285,430 |
|
Recovery of cost from related party receivable |
|
| (100,000 | ) |
|
| - |
|
|
| (300,000 | ) |
|
| - |
|
Provision for credit losses |
|
| 30,000 |
|
|
| 7,641 |
|
|
| 30,000 |
|
|
| 266 |
|
Real estate management and disposal |
|
| 53,432 |
|
|
| 84,362 |
|
|
| 152,882 |
|
|
| 381,796 |
|
Depreciation and amortization |
|
| (3,383 | ) |
|
| 18,122 |
|
|
| 10,383 |
|
|
| 55,513 |
|
Collection costs |
|
| 771 |
|
|
| (3,974 | ) |
|
| (28,484 | ) |
|
| (17,275 | ) |
Other operating expenses |
|
| 3,120 |
|
|
| 3,009 |
|
|
| 13,758 |
|
|
| 18,265 |
|
Total operating expenses |
|
| 3,006,543 |
|
|
| 919,142 |
|
|
| 4,683,141 |
|
|
| 3,031,532 |
|
Operating loss from continuing operations |
|
| (2,754,059 | ) |
|
| (366,479 | ) |
|
| (3,746,923 | ) |
|
| (1,156,308 | ) |
Gain on disposal of assets |
|
| - |
|
|
| (6,421 | ) |
|
| - |
|
|
| (6,421 | ) |
Interest expense |
|
| (2,300 | ) |
|
| 23,150 |
|
|
| 10,326 |
|
|
| 76,913 |
|
Loss from continuing operations before income taxes |
|
| (2,751,759 | ) |
|
| (383,208 | ) |
|
| (3,757,249 | ) |
|
| (1,226,800 | ) |
Income tax benefit |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Net loss from continuing operations |
|
| (2,751,759 | ) |
|
| (383,208 | ) |
|
| (3,757,249 | ) |
|
| (1,226,800 | ) |
Gain on disposal of discontinued operations |
|
| - |
|
|
| - |
|
|
| 16,428 |
|
|
| - |
|
Gain from operations of discontinued operations |
|
| - |
|
|
| 103,561 |
|
|
| - |
|
|
| 39,632 |
|
Net gain/(loss) from discontinued operations |
|
| - |
|
|
| 103,561 |
|
|
| 16,428 |
|
|
| 39,632 |
|
Net loss |
| $ | (2,751,759 | ) |
| $ | (279,647 | ) |
| $ | (3,740,821 | ) |
| $ | (1,187,168 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per common share - continuing operations |
| $ | (0.28 | ) |
| $ | (0.12 | ) |
| $ | (0.66 | ) |
| $ | (0.39 | ) |
Basic earnings/(loss) per common share - discontinued operations |
| $ | - |
|
| $ | 0.03 |
|
| $ | 0.00 |
|
| $ | 0.01 |
|
Basic loss per common share - net loss |
| $ | (0.28 | ) |
| $ | (0.09 | ) |
| $ | (0.66 | ) |
| $ | (0.38 | ) |
Diluted loss per common share - continuing operations |
| $ | (0.28 | ) |
| $ | (0.12 | ) |
| $ | (0.66 | ) |
| $ | (0.39 | ) |
Diluted earnings/(loss) per common share - discontinued operations |
| $ | - |
|
| $ | 0.03 |
|
| $ | 0.00 |
|
| $ | 0.01 |
|
Diluted loss per common share - net loss |
| $ | (0.28 | ) |
| $ | (0.09 | ) |
| $ | (0.66 | ) |
| $ | (0.38 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 9,790,538 |
|
|
| 3,134,160 |
|
|
| 5,662,035 |
|
|
| 3,133,495 |
|
Diluted |
|
| 9,790,538 |
|
|
| 3,134,160 |
|
|
| 5,662,035 |
|
|
| 3,133,495 |
|
The accompanying notes are an integral part of these condensed unaudited consolidated financial statements.
4
LM Funding America, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows
(unaudited)
|
| For the Nine Months Ended September 30, |
| |||||
|
| 2020 |
|
| 2019 |
| ||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
| $ | (3,740,821 | ) |
| $ | (1,187,168 | ) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to cash used in operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 5,919 |
|
|
| 51,990 |
|
Right to use asset depreciation |
|
| 74,890 |
|
|
| 27,133 |
|
Stock compensation |
|
| 135,679 |
|
|
| 10,366 |
|
Recovery of uncollectible related party receivables |
|
| (300,000 | ) |
|
| - |
|
Gain on termination of operating lease |
|
| - |
|
|
| (1,421 | ) |
Gain on sale of fixed assets |
|
| - |
|
|
| (5,000 | ) |
Gain on disposal of discontinued operations |
|
| (16,428 | ) |
|
| - |
|
Reserve for accounts |
|
| 30,000 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
Change in assets and liabilities |
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
| 120,598 |
|
|
| 79,996 |
|
Accounts payable and accrued expenses |
|
| 272,976 |
|
|
| 91,929 |
|
Advances (repayments) from related party |
|
| 689,457 |
|
|
| (1,174 | ) |
Other liabilities |
|
| - |
|
|
| 62,580 |
|
Lease liability payments |
|
| (69,669 | ) |
|
| (23,466 | ) |
Deferred taxes |
|
| - |
|
|
| (14,200 | ) |
Net cash used in operating activities |
|
| (2,797,399 | ) |
|
| (908,435 | ) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net collections of finance receivables - original product |
|
| 74,117 |
|
|
| 115,769 |
|
Net collections of finance receivables - special product |
|
| 33,328 |
|
|
| 88,046 |
|
(Payments)/proceeds for real estate assets owned |
|
| (3,920 | ) |
|
| 80,076 |
|
Purchase of fixed assets |
|
| (1,286 | ) |
|
| (13,299 | ) |
Proceeds from sale of fixed assets |
|
| - |
|
|
| 5,000 |
|
Cash received from investment in note receivable - related party |
|
| 1,500,000 |
|
|
| - |
|
Net cash received from business acquisition |
|
| (246,914 | ) |
|
| 51,327 |
|
Net cash provided by investing activities |
|
| 1,355,325 |
|
|
| 326,919 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Borrowings |
|
| 185,785 |
|
|
| - |
|
Principal repayments |
|
| (108,043 | ) |
|
| (135,149 | ) |
Exercise of warrants |
|
| 3,081,480 |
|
|
| 22,320 |
|
Proceeds from stock subscription |
|
| 9,447,535 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
| 12,606,757 |
|
|
| (112,829 | ) |
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH |
|
| 11,164,683 |
|
|
| (694,345 | ) |
|
|
|
|
|
|
|
|
|
CASH - BEGINNING OF YEAR |
|
| 1,069,823 |
|
|
| 3,520,753 |
|
CASH - END OF YEAR |
| $ | 12,234,506 |
|
| $ | 2,826,408 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid for interest |
| $ | 10,326 |
|
| $ | 31,936 |
|
Income taxes |
| $ | - |
|
| $ | - |
|
SUPPLEMENTAL DISCLOSURES OF NON-CASHFLOW INFORMATION |
|
|
|
|
|
|
|
|
Financing loan for purchase of fixed assets |
| $ | - |
|
| $ | 12,892 |
|
Insurance financing |
| $ | 192,514 |
|
| $ | 127,490 |
|
ROU asset obligation recognized |
| $ | - |
|
| $ | 331,477 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
LM Funding America, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
For the Three and Nine Months Ended September 30, 2020 and 2019
|
| Common Stock |
|
| Additional paid- |
|
| Accumulated |
|
|
|
|
| |||||||
|
| Shares |
|
| Amount |
|
| in capital |
|
| Deficit |
|
| Total Equity |
| |||||
Balance - December 31, 2018 |
|
| 3,124,961 |
|
| $ | 3,125 |
|
| $ | 17,295,408 |
|
| $ | (11,489,884 | ) |
| $ | 5,808,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised for cash |
|
| 9,300 |
|
|
| 9 |
|
|
| 22,311 |
|
|
| - |
|
|
| 22,320 |
|
Stock compensation expense |
|
| - |
|
|
| - |
|
|
| 3,500 |
|
|
| - |
|
|
| 3,500 |
|
Net loss |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (457,018 | ) |
|
| (457,018 | ) |
Balance - March 31, 2019 |
|
| 3,134,261 |
|
| $ | 3,134 |
|
| $ | 17,321,219 |
|
| $ | (11,946,902 | ) |
| $ | 5,377,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense |
|
| - |
|
|
| - |
|
|
| 3,431 |
|
|
| - |
|
|
| 3,431 |
|
Net loss |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (450,503 | ) |
|
| (450,503 | ) |
Balance - June 30, 2019 |
|
| 3,134,261 |
|
| $ | 3,134 |
|
| $ | 17,324,650 |
|
| $ | (12,397,405 | ) |
| $ | 4,930,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense |
|
| - |
|
|
| - |
|
|
| 3,435 |
|
|
| - |
|
|
| 3,435 |
|
Net loss |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (279,647 | ) |
|
| (279,647 | ) |
Balance - September 30, 2019 |
|
| 3,134,261 |
|
| $ | 3,134 |
|
| $ | 17,328,085 |
|
| $ | (12,677,052 | ) |
| $ | 4,654,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - December 31, 2019 |
|
| 3,134,261 |
|
| $ | 3,134 |
|
| $ | 17,326,553 |
|
| $ | (14,494,762 | ) |
| $ | 2,834,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense |
|
| 186,000 |
|
|
| 186 |
|
|
| 128,661 |
|
|
| - |
|
|
| 128,847 |
|
Net loss |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (551,094 | ) |
|
| (551,094 | ) |
Balance - March 31, 2020 |
|
| 3,320,261 |
|
| $ | 3,320 |
|
| $ | 17,455,214 |
|
| $ | (15,045,856 | ) |
| $ | 2,412,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for cash |
|
| 520,838 |
|
|
| 521 |
|
|
| 1,249,479 |
|
|
|
|
|
|
| 1,250,000 |
|
Warrants exercised for cash |
|
| 1,227,700 |
|
|
| 1,228 |
|
|
| 2,945,252 |
|
|
|
|
|
|
| 2,946,480 |
|
Stock compensation expense |
|
| - |
|
|
| - |
|
|
| 3,397 |
|
|
| - |
|
|
| 3,397 |
|
Net loss |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (437,968 | ) |
|
| (437,968 | ) |
Balance - June 30, 2020 |
|
| 5,068,799 |
|
|
| 5,069 |
|
|
| 21,653,342 |
|
|
| (15,483,824 | ) |
|