Investor Relations

Financial Statements

v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 0 $ 0
Restricted cash 124,834 763,110
Accounts receivable, net of allowance for bad debt of $0 and $0, respectively 10,000 70,257
Accounts receivables from fines and penalties from merchants, net of allowance for bad debt of $6,665,031 2,789,230 2,776,687
Cash due from gateways, net 5,680,356 8,426,844
Prepaid and other current assets 59,766 24,888
Total current assets 8,664,186 12,061,786
Non-current Assets:    
Property and equipment, net 62,555 66,491
Other assets 87,174 17,174
Operating lease right-of-use assets, net 146,984 229,639
Total non-current assets 296,713 313,304
Total assets 8,960,899 12,375,090
Current Liabilities:    
Accounts payable 725,558 504,505
Other current liabilities 47,207 15,100
Accrued interest 87,560 368,071
Payment processing liabilities, net 12,624,082 14,021,892
Short-term notes payable, net of debt discount of $39,000 and $32,418, respectively 731,232 741,253
Convertible debt, net of debt discount of $133,500 and $0, respectively 44,500 807,500
Derivative liability 284,210 1,050,063
Current portion of operating lease liabilities 30,314 113,935
Total current liabilities 14,574,663 17,622,319
Operating lease liabilities, less current portion 120,110 120,110
Total liabilities 14,694,773 17,742,429
Commitments and contingencies
Stockholders' Equity:    
Common stock, par value $0.001, 495,000,000 shares authorized, shares issued and outstanding of 181,6550,138 and 169,862,933, respectively 181,650 169,863
Common stock - issuable 0 695
Additional paid-in capital 1,590,993 1,179,272
Accumulated deficit (7,506,517) (6,717,169)
Total stockholders' equity (5,733,874) (5,367,339)
Total liabilities and stockholder's equity $ 8,960,899 $ 12,375,090
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Revenue $ 3,056,271 $ 14,793,117 $ 5,536,335 $ 19,070,861
Cost of Goods Sold 1,845,295 6,834,198 3,504,283 10,602,555
Gross Profit 1,210,976 7,958,919 2,032,052 8,468,306
Operating expenses:        
Advertising and marketing 59,099 10,319 86,368 35,928
Research and development 243,923 381,112 798,157 1,085,298
Cash due from gateway reserve expense 0 5,665,031 0 5,665,031
General and administrative 366,734 176,120 613,156 375,373
Payroll and payroll taxes 436,216 420,074 1,279,174 967,121
Professional fees 344,641 281,659 852,234 588,677
Depreciation and amortization 5,764 4,897 16,856 11,352
Total operating expenses 1,456,377 6,939,212 3,645,945 8,728,780
Loss from operations (245,401) 1,019,707 (1,613,893) (260,474)
Other income (expense):        
Interest expense (48,931) 3,837 (372,553) (171,193)
Interest expense - debt discount (83,500) 0 (121,918) (188,273)
Derivative expense (925,576) 0 (925,576) (634,689)
Changes in fair value of derivative liability 819,366 236,184 (383,769) (129,186)
Gain from extinguishment of convertible debt 0 0 2,630,795 0
Other income or expense (5,768) 0 (2,434) 0
Total other expense, net (244,409) 240,021 824,545 (1,123,341)
Loss before provision for income taxes (489,810) 1,259,728 (789,348) (1,383,815)
Income tax provision 0 0 0 0
Net Income (loss) $ (489,810) $ 1,259,728 $ (789,348) $ (1,383,815)
Earnings (loss) per share:        
Basic and diluted (in Dollars per share) $ 0.00 $ 0.01 $ 0.00 $ (0.01)
Weighted average number of common shares outstanding:        
Basic and diluted (in Shares) 176,930,358 168,492,966 176,930,358 167,136,344
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (789,348) $ (1,383,815)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 16,856 11,352
Noncash lease expense (966) 4,292
Stock compensation expense 162,633 85,640
Common stocks issued for professional fees 4,130 0
Common stocks - issued donation 8,000 0
Proceeds from exercise of stock options 32,500 0
Interest expense - debt discount 121,918 188,273
Derivative expense 925,576 634,766
Gain (loss) on extinguishment of debt (2,630,795) 0
Changes in fair value of derivative liability 383,769 129,186
Changes in assets and liabilities:    
Other receivable, net 47,714 (3,810,776)
Prepaid and other current assets (34,878) (4,919)
Cash due from gateways, net 3,124,085 (12,562,634)
Other assets (70,000) 0
Accounts payable 220,465 79,768
Other current liabilities 32,107 (6,609)
Accrued interest (286,461) 20,243
Payment processing liabilities, net (1,397,810) 16,678,995
Net cash provided by (used in) operating activities (130,505) 64,622
Cash flows from investing activities:    
Purchases of property and equipment (12,332) (5,984)
Net cash used in investing activities (12,332) (5,984)
Cash flows from financing activities:    
Borrowings from convertible debt 178,000 482,500
Repayments on convertible debt (670,000) (496,500)
Borrowings from notes payable 1,954,480 0
Principal payments on notes payable (1,147,919) 0
Repayment on long-term debt 0 (75,000)
Repurchase of common stocks outstanding (810,000) 0
Net cash used in financing activities (495,439) (89,000)
Net increase in cash, cash equivalents, and restricted cash (638,276) (30,362)
Cash, cash equivalents, and restricted cash – beginning of period 763,110 284,978
Cash, cash equivalents, and restricted cash – end of period 124,834 254,616
Cash paid during the period for:    
Interest 575,014 110,873
Income taxes 800 800
Non-cash financing activities:    
Convertible debt conversion to common stock 137,500 (150,000)
Interest accrual from convertible debt converted to common stock 78,050 0
Short-term notes payable converted to common stock $ 810,000 $ 0