Company Quick10K Filing
LM Funding America
Price0.51 EPS-0
Shares3 P/E-1
MCap2 P/FCF-2
Net Debt-2 EBIT-1
TEV-0 TEV/EBIT0
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

LMFA 10Q Quarterly Report

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

LM Funding America Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1511740-32013201520172020
Assets, Equity
1.80.5-0.8-2.2-3.5-4.82013201520172020
Rev, G Profit, Net Income
10.07.75.43.20.9-1.42013201520172020
Ops, Inv, Fin

10-Q 1 lmfa-10q_20200930.htm 10-Q - SEPT 2020 lmfa-10q_20200930.htm

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.

 

 

 

 


LM FUNDING AMERICA, INC.

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

LM Funding America, Inc. and Subsidiaries Condensed Consolidated Balance Sheets
September 30, 2020 (unaudited) and December 31, 2019

3

 

 

 

 

LM Funding America, Inc. and Subsidiaries Condensed Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2020 and 2019 (unaudited)

4

 

 

 

 

LM Funding America, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2020 and 2019 (unaudited)

5

 

 

 

 

LM Funding America, Inc. and Subsidiaries Condensed Consolidated Statements of Equity
for the Three and Nine Months Ended September 30, 2020 and 2019 (unaudited)

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.

Quantitative and Qualitative Disclosures About Market Risk

35

 

 

 

Item 4.

Controls and Procedures

35

 

 

 

PART II.

OTHER INFORMATION

36

 

 

 

Item 1.

Legal Proceedings

36

 

 

 

Item 1A.

Risk Factors

36

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

 

 

 

Item 3.

Defaults Upon Senior Securities

37

 

 

 

Item 4.

Mine Safety Disclosures

37

 

 

 

Item 5.

Other Information

37

 

 

 

Item 6.

Exhibits

38

 

 

SIGNATURES

39

 

2


PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

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

)