Cover
Cover | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | S-1/A |
Amendment Flag | false |
Entity Registrant Name | WYTEC INTERNATIONAL, INC. |
Entity Central Index Key | 0001560143 |
Entity Tax Identification Number | 46-0720717 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 19206 Huebner Road |
Entity Address, Address Line Two | Suite 202 |
Entity Address, City or Town | San Antonio |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78258 |
City Area Code | 210 |
Local Phone Number | 233-8980 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 163,079 | $ 595,732 |
Accounts receivable | 69,455 | 59,352 |
Inventory | 3,899 | 2,371 |
Prepaid expenses and other current assets | 0 | 1,581 |
Total current assets | 236,433 | 659,036 |
Property and equipment, net | 127,068 | 174,964 |
Operating lease, right-of-use assets | 34,870 | 117,169 |
Total assets | 398,371 | 951,169 |
Current liabilities: | ||
Accounts payable and accrued expenses | 203,993 | 123,768 |
Accounts payable, related party | 172,014 | 107,084 |
Other payable | 895,000 | 895,000 |
Operating lease, right-of-use obligation, current portion | 18,915 | 71,256 |
Contract liability | 8,737 | 25,905 |
Notes payable, current portion | 34,275 | 33,502 |
Promissory notes, shareholder, current portion | 100,000 | 0 |
Short-term debt, net of unamortized discount | 625,000 | 586,952 |
Total current liabilities | 2,057,934 | 1,843,467 |
Long-term liabilities: | ||
Operating lease, right-of-use obligation, long term portion | 14,158 | 27,274 |
Notes payable, net of current portion | 57,258 | 82,383 |
Promissory notes, shareholder, net of current | 150,000 | 0 |
Total long term liabilities | 221,416 | 109,657 |
Total liabilities | 2,279,350 | 1,953,124 |
Stockholders' deficit: | ||
Common stock, $0.001 par value, 495,000,000 shares authorized, 6,810,322 shares and 30,224,653 shares issued, 6,810,322 shares and 6,090,205 shares outstanding | 6,810 | 30,225 |
Additional paid-in capital | 21,961,889 | 26,352,142 |
Accumulated deficit | (23,515,665) | (22,071,742) |
Repurchased shares | (80,000) | (80,000) |
Deposit for future common stock subscriptions | 0 | 121,055 |
Treasury stock: | ||
Total stockholders' deficit | (1,880,979) | (1,001,955) |
Total liabilities and stockholders' deficit | 398,371 | 951,169 |
Series A Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock, Value, Issued | 2,380 | 2,420 |
Treasury stock: | ||
Treasury Stock, Preferred, Value | (179,368) | (179,368) |
Series B Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock, Value, Issued | 2,856 | 3,412 |
Treasury stock: | ||
Treasury Stock, Preferred, Value | (79,882) | (79,882) |
Series C Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred Stock, Value, Issued | 1 | 1 |
Common Stock Treasury [Member] | ||
Treasury stock: | ||
Treasury Stock, Preferred, Value | $ 0 | $ (5,100,218) |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 495,000,000 | 495,000,000 |
Common stock, shares issued | 6,810,322 | 30,224,653 |
Common stock, shares outstanding | 6,810,322 | 6,090,205 |
Treasury stock common shares | 0 | 24,134,448 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 4,100,000 | 4,100,000 |
Preferred stock, shares issued | 2,480,000 | 2,520,000 |
Preferred stock, shares outstanding | 2,380,000 | 2,420,000 |
Treasury stock preferred, shares | 100,000 | 100,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 6,650,000 | 6,650,000 |
Preferred stock, shares issued | 2,856,335 | 3,412,885 |
Preferred stock, shares outstanding | 2,811,800 | 3,368,360 |
Treasury stock preferred, shares | 44,535 | 44,535 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 77,999 | $ 111,625 | $ 392,375 | $ 444,390 |
Cost of sales | 62,481 | 50,340 | 330,733 | 361,087 |
Gross profit | 15,518 | 61,285 | 61,642 | 83,303 |
Expenses: | ||||
Selling, general and administrative | 552,415 | 461,995 | 1,478,420 | 1,693,099 |
Research and development | 19,555 | 5,852 | 40,953 | 10,577 |
Depreciation and amortization | 12,351 | 17,307 | 46,932 | 53,042 |
Operating expenses, net | 584,321 | 485,154 | 1,566,305 | 1,756,718 |
Net operating loss | (568,803) | (423,869) | (1,504,663) | (1,673,415) |
Other income (expense): | ||||
Interest income | 0 | 9 | 100 | 40 |
Pay check Protection Program loan forgiveness | 160,075 | 0 | 160,075 | 0 |
Interest expense | (24,299) | (25,711) | (78,499) | (60,591) |
Total other income (expense) | 135,776 | (25,702) | 81,676 | (60,551) |
Net loss | $ (433,027) | $ (449,571) | $ (1,422,987) | $ (1,733,966) |
Weighted average number of common shares Outstanding – Basic and fully diluted | 6,810,322 | 5,482,206 | 6,650,120 | 5,469,502 |
Net loss per share - | ||||
Basic and fully diluted | $ (0.06) | $ (0.08) | $ (0.21) | $ (0.32) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Preferred Stock Class A [Member] | Preferred Stock Class B [Member] | Preferred Stock Class C [Member] | Common Stock [Member] | Treasury Stock [Member] | Class A Preferred Treasury Stock [Member] | Class B Preferred Treasury Stock [Member] | Additional Paid-in Capital [Member] | Repurchased Shares [Member] | Deposit For Future Stock Subscriptions [Member] | Retained Earnings [Member] | Total |
Balance, June 30, 2020, as restated see Note L at Dec. 31, 2019 | $ 2,560 | $ 3,735 | $ 1 | $ 29,564 | $ (5,100,218) | $ (179,368) | $ (79,882) | $ 25,207,137 | $ (20,049,044) | $ (165,515) | ||
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 2,560,000 | 3,735,784 | 1,000 | 29,564,014 | 24,134,448 | 100,000 | 44,535 | |||||
Issuance of common stock | $ 20 | 99,980 | 100,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 20,000 | |||||||||||
Issuance of Warrants for Service | 89,155 | 89,155 | ||||||||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (923,051) | (923,051) | ||||||||||
Issuance of common stock for services | $ 11 | 52,759 | 52,770 | |||||||||
Stock Issued During Period, Shares, Issued for Services | 10,554 | |||||||||||
Balance, September 30, 2020, as restated see Note L at Mar. 31, 2020 | $ 2,560 | $ 3,735 | $ 1 | $ 29,595 | $ (5,100,218) | $ (179,368) | $ (79,882) | 25,529,084 | 0 | 0 | (20,972,095) | (766,588) |
Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 2,560,000 | 3,735,784 | 1,000 | 29,594,568 | 24,134,448 | 100,000 | 44,535 | |||||
Issuance of detachable warrants with Debt | 80,053 | 80,053 | ||||||||||
Balance, June 30, 2020, as restated see Note L at Dec. 31, 2019 | $ 2,560 | $ 3,735 | $ 1 | $ 29,564 | $ (5,100,218) | $ (179,368) | $ (79,882) | 25,207,137 | (20,049,044) | (165,515) | ||
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 2,560,000 | 3,735,784 | 1,000 | 29,564,014 | 24,134,448 | 100,000 | 44,535 | |||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (1,733,966) | |||||||||||
Balance, September 30, 2020, as restated see Note L at Sep. 30, 2020 | $ 2,520 | $ 3,652 | $ 1 | $ 29,762 | $ (5,100,218) | $ (179,368) | $ (79,882) | 25,749,895 | (80,000) | 0 | (21,783,010) | (1,436,648) |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 2,520,000 | 3,652,451 | 1,000 | 29,762,072 | 24,134,448 | 100,000 | 44,535 | |||||
Balance, June 30, 2020, as restated see Note L at Mar. 31, 2020 | $ 2,560 | $ 3,735 | $ 1 | $ 29,595 | $ (5,100,218) | $ (179,368) | $ (79,882) | 25,529,084 | 0 | 0 | (20,972,095) | (766,588) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 2,560,000 | 3,735,784 | 1,000 | 29,594,568 | 24,134,448 | 100,000 | 44,535 | |||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (361,344) | (361,344) | ||||||||||
Conversion of series A preferred stock to common stock | $ (40) | $ 40 | ||||||||||
Conversion of Series A Preferred Stock to Common Stock, Shares | (40,000) | 40,000 | ||||||||||
Balance, September 30, 2020, as restated see Note L at Jun. 30, 2020 | $ 2,520 | $ 3,735 | $ 1 | $ 29,635 | $ (5,100,218) | $ (179,368) | $ (79,882) | 25,529,084 | (80,000) | 0 | (21,333,439) | (1,207,932) |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 2,520,000 | 3,735,784 | 1,000 | 29,634,568 | 24,134,448 | 100,000 | 44,535 | |||||
Repurchase agreement | (80,000) | (80,000) | ||||||||||
Conversion of series B preferred stock to common stock | (83) | $ 83 | ||||||||||
Conversion of Series B Preferred Stock to Common Stock. Shares | (83,333) | 83,333 | ||||||||||
Conversion of warrants | $ 1 | 2,499 | 2,500 | |||||||||
Conversion of Warrants, Shares | 500 | |||||||||||
Issuance of common stock | $ 41 | 206,834 | 206,875 | |||||||||
Stock Issued During Period, Shares, New Issues | 41,375 | |||||||||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (449,571) | (449,571) | ||||||||||
Issuance of common stock for services | $ 2 | 11,478 | 11,480 | |||||||||
Stock Issued During Period, Shares, Issued for Services | 2,296 | |||||||||||
Balance, September 30, 2020, as restated see Note L at Sep. 30, 2020 | $ 2,520 | $ 3,652 | $ 1 | $ 29,762 | $ (5,100,218) | $ (179,368) | $ (79,882) | 25,749,895 | (80,000) | 0 | (21,783,010) | (1,436,648) |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 2,520,000 | 3,652,451 | 1,000 | 29,762,072 | 24,134,448 | 100,000 | 44,535 | |||||
Balance, June 30, 2020, as restated see Note L at Dec. 31, 2020 | $ 2,420 | $ 3,412 | $ 1 | $ 30,225 | $ (5,100,218) | $ (179,368) | $ (79,882) | 26,352,142 | (80,000) | 121,055 | (22,071,742) | (1,001,955) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 2,420,000 | 3,412,885 | 1,000 | 30,224,653 | 24,134,448 | 100,000 | 44,535 | |||||
Conversion of series B preferred stock to common stock | $ (461) | $ 461 | ||||||||||
Conversion of Series B Preferred Stock to Common Stock. Shares | (461,270) | 461,270 | ||||||||||
Conversion of warrants | $ 15 | 75,985 | 76,000 | |||||||||
Conversion of Warrants, Shares | 15,200 | |||||||||||
Issuance of common stock for cash already received | $ 24 | 121,031 | (121,055) | |||||||||
[custom:IssuanceOfCommonStockForCashAlreadyReceivedShares] | 24,211 | |||||||||||
Issuance of common stock | $ 9 | 46,866 | 46,875 | |||||||||
Stock Issued During Period, Shares, New Issues | 9,375 | |||||||||||
Issuance of Warrants for Service | 51,344 | 51,344 | ||||||||||
Issuance of Warrants | 6,047 | 6,047 | ||||||||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (564,640) | (564,640) | ||||||||||
Balance, September 30, 2020, as restated see Note L at Mar. 31, 2021 | $ 2,420 | $ 2,951 | $ 1 | $ 30,734 | $ (5,100,218) | $ (179,368) | $ (79,882) | 26,653,415 | (80,000) | (22,636,382) | (1,386,329) | |
Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 2,420,000 | 2,951,615 | 1,000 | 30,734,709 | 24,134,448 | 100,000 | 44,535 | |||||
Balance, June 30, 2020, as restated see Note L at Dec. 31, 2020 | $ 2,420 | $ 3,412 | $ 1 | $ 30,225 | $ (5,100,218) | $ (179,368) | $ (79,882) | 26,352,142 | (80,000) | 121,055 | (22,071,742) | (1,001,955) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 2,420,000 | 3,412,885 | 1,000 | 30,224,653 | 24,134,448 | 100,000 | 44,535 | |||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (1,422,987) | |||||||||||
Balance, September 30, 2020, as restated see Note L at Sep. 30, 2021 | $ 2,380 | $ 2,856 | $ 1 | $ 6,810 | $ 0 | $ (179,368) | $ (79,882) | 21,961,889 | (80,000) | (23,515,665) | (1,880,979) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 2,380,000 | 2,856,335 | 1,000 | 6,810,322 | 0 | 100,000 | 44,535 | |||||
Balance, June 30, 2020, as restated see Note L at Mar. 31, 2021 | $ 2,420 | $ 2,951 | $ 1 | $ 30,734 | $ (5,100,218) | $ (179,368) | $ (79,882) | 26,653,415 | (80,000) | (22,636,382) | (1,386,329) | |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 2,420,000 | 2,951,615 | 1,000 | 30,734,709 | 24,134,448 | 100,000 | 44,535 | |||||
Conversion of series B preferred stock to common stock | $ (55) | $ 55 | ||||||||||
Conversion of Series B Preferred Stock to Common Stock. Shares | (55,280) | 55,280 | ||||||||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (446,256) | (446,256) | ||||||||||
Conversion of series A preferred stock to common stock | $ (40) | $ 40 | ||||||||||
Conversion of Series A Preferred Stock to Common Stock, Shares | (40,000) | 40,000 | ||||||||||
Issuance of warrants in connection with conversion of other warrants | 10,728 | 10,728 | ||||||||||
Warrants exercised | $ 29 | 145,001 | 145,030 | |||||||||
[custom:WarrantsExercisedEquityShares] | 29,006 | |||||||||||
Cancellation of Treasury Stock | $ (24,134) | $ 5,100,218 | (5,076,084) | |||||||||
Stock Repurchased and Retired During Period, Shares | (24,134,448) | (24,134,448) | ||||||||||
Balance, September 30, 2020, as restated see Note L at Jun. 30, 2021 | $ 2,380 | $ 2,896 | $ 1 | $ 6,724 | $ 0 | $ (179,368) | $ (79,882) | 21,733,060 | (80,000) | (23,082,638) | (1,676,827) | |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 2,380,000 | 2,896,335 | 1,000 | 6,724,547 | 0 | 100,000 | 44,535 | |||||
Conversion of series B preferred stock to common stock | $ (40) | $ 40 | ||||||||||
Conversion of Series B Preferred Stock to Common Stock. Shares | (40,000) | 40,000 | ||||||||||
Conversion of warrants | ||||||||||||
Issuance of common stock | $ 45 | 226,830 | 226,875 | |||||||||
Stock Issued During Period, Shares, New Issues | 45,375 | |||||||||||
Net loss for the three months ended September 30, 2020, as restated see Note L | (433,027) | (433,027) | ||||||||||
Issuance of common stock for services | $ 1 | 1,999 | 2,000 | |||||||||
Stock Issued During Period, Shares, Issued for Services | 400 | |||||||||||
Balance, September 30, 2020, as restated see Note L at Sep. 30, 2021 | $ 2,380 | $ 2,856 | $ 1 | $ 6,810 | $ 0 | $ (179,368) | $ (79,882) | $ 21,961,889 | $ (80,000) | $ (23,515,665) | $ (1,880,979) | |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 2,380,000 | 2,856,335 | 1,000 | 6,810,322 | 0 | 100,000 | 44,535 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (1,422,987) | $ (1,733,966) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 46,932 | 53,042 |
Amortization of debt discount | 38,048 | 28,788 |
Stock based compensation | 70,119 | 153,405 |
Non-cash lease expense | 80,952 | 100,538 |
Pay check protection program loan forgiveness | (160,073) | 0 |
Decrease (increase) in operating assets | ||
Accounts receivable | (27,144) | 55,881 |
Inventory | (1,528) | (1,098) |
Work in Process | 0 | (71,378) |
Prepaid expenses and other assets | 1,581 | 10,606 |
Increase (decrease) in operating liabilities | ||
Accounts payable and accrued expenses | 80,225 | 128,150 |
Accounts payable, related party | 64,930 | 26,744 |
Contract liability | (17,168) | 0 |
Operating lease liability | (63,146) | (93,304) |
Net cash used in operating activities | (1,309,259) | (1,342,592) |
Cash flows from investing activities | ||
Purchase of equipment | 0 | (13,039) |
Net cash used in investing activities | 0 | (13,039) |
Cash flows from financing activities | ||
Proceeds from issuance of non-convertible notes | 0 | 803,158 |
Repurchase agreement | 0 | (60,000) |
Proceeds from Paycheck Protection Program loan | 160,073 | 0 |
Proceeds from promissory notes, shareholder | 250,000 | 0 |
Payments on notes payable | (28,247) | (25,125) |
Proceeds from exercise of warrants | 221,030 | 2,500 |
Proceeds from issuance of common stock | 273,750 | 306,878 |
Net cash provided by financing activities | 876,606 | 1,027,411 |
Net increase (decrease) in cash | (432,653) | (328,220) |
Cash - beginning of period | 595,732 | 619,104 |
Cash - end of period | 163,079 | 290,884 |
Supplemental disclosures: | ||
Interest paid | 6,069 | 0 |
Non-cash investing and financing activities: | ||
Conversion of series A preferred stock to common stock | 40 | 40 |
Conversion of series B preferred stock to common stock | 556 | 83 |
Cancellation and renegotiation of leases | 0 | 134,616 |
Issuance of common stock in lieu of interest payment | 43,750 | 0 |
Issuance of detachable warrants with Debt | 0 | 80,053 |
Issuance of Stock Repurchase Note Payable | $ 0 | $ 200,000 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE A – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Description of Business On or about August 20, 2020, Capaciti Networks, Inc., our former subsidiary, was dissolved and on or about September 22, 2020, Wylink, Inc., our former subsidiary, was dissolved. No consideration was exchanged in either transaction. As a result of the dissolutions, we acquired the net assets and liabilities of both Wylink, Inc, and Capaciti Networks, Inc. and their operations continue as part of the Company. Basis of Accounting Revenue and Cost Recognition The Company earns revenues from contracts with customers for (i) sales and installation of cellular enhancement equipment and (ii) support agreements. Revenue from the sale and installation of cellular enhancement equipment is recognized either when the installation is completed or as the Company installs the cellular enhancement equipment, depending on the complexity of the system, such as the degree of customization of the equipment being installed, and the agreement with the customer. The less complex systems installed by the Company where management believes the installed equipment has an alternative use, due to the standard nature of the equipment sourced from our vendors that can be used in other projects, revenue from such contacts is recognized for completed installations upon customer acceptance. This assessment, at contract inception, is a management judgment based on the combination of equipment ordered, the services performed and whether or not material effort, within the context of the contract, would be required to rework the equipment for another project, and the term and terms of the contract with the customer. For example, such contracts are usually completed within 30-45 days. In larger more complex projects where the Company is creating an asset for the customer with no alternative use and has an enforceable right to payment for performance prior to contract completion, we recognize revenue utilizing the percentage of completion method. This method measures completion based on management’s estimate of total costs to complete each contract because management considers total costs to be the best available measure of progress on the contract. Support agreements entered into with customers are generally for a period of one year, during which the Company stands ready to provide service and support for installed systems at the customer site. Support agreement amounts are billed in advance to the customer, as agreed in the contract, and recorded as a contract liability. During the period, the Company provides unspecified firmware upgrades to installed client equipment as they are available. Management estimates that straight line recognition of revenue over the period of the support agreement contract is a faithful representation of the pattern of delivery on the Company’s obligation under these agreements. Sales tax is recorded on a net basis and excluded from revenue. Allowance for Doubtful Accounts No Operating Leases Right-of-use Assets and Operating Lease Obligations Use of Estimates Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE B – GOING CONCERN Our consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. We have incurred continuous losses from operations, have an accumulated deficit of $ 23,515,665 Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital and/or that our cash generated by our operations will be adequate to meet our needs. These factors, among others, indicate that we may be unable to continue as a going concern for a reasonable period of time. Management expects to continue to seek additional funding through private or public equity sources and will seek debt financing. |
REVENUE AND ACCOUNTS RECEIVABLE
REVENUE AND ACCOUNTS RECEIVABLE | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE AND ACCOUNTS RECEIVABLE | NOTE C – REVENUE AND ACCOUNTS RECEIVABLE The Company recognizes revenue in accordance with its accounting policy. The Company invoices customers and recognizes accounts receivable in an amount equivalent to which it has an unconditional right and expects to receive aligned with the agreement with the customer. The Company has contracted payment terms with its customer of net 15 days. The Company recognized revenue from performance obligations satisfied as of a point in time and over time as disaggregated in the table below. Timing of Revenue Recognition Disaggregation of Revenue For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Point in Time $ 69,988 $ 111,557 $ 366,773 $ 444,322 Over Time 8,011 68 25,602 68 $ 77,999 $ 111,625 $ 392,375 $ 444,390 Due to the Company billing service agreements in advance and recognizing revenue for service agreements over time as more fully described in its accounting policy the Company carries a contract liability balance proportional to the time remaining on each customer agreement. The Company issues invoices to customers for completed work as performance obligations satisfied as of a point in time are fulfilled and does not carry a contract asset balance for these performance obligations. Contract Assets and Liabilities Contract Assets and Liabilities September 30, December 31, 2021 2020 Contract Liability $ (8,737 ) $ (25,905 ) $ (8,737 ) $ (25,905 ) The Company’s contracts for support services are typically for terms of one year or less. The aggregate amount of contract performance obligation as of September 30, 2021 and December 31, 2020 that the Company expects to recognize over the next year is $8,737 and $25,905, respectively. The Company is under no obligation and is not in the practice of providing customers with returns, rebates, discounts, or refunds and has not in an amount material to the financial statements. The Company, accordingly, does not recognize these obligations at the time of revenue recognition. The Company may receive consideration from customers who enter into support agreements in the future for incremental services provided to such customers. Those services are delivered as of a point in time when the customer requests the service. Future consideration as described is excluded from the transaction price calculated for support agreement performance obligations. The Company has applied the practical expedient that permits the Company to recognize revenue without regard to significant financing components based on the Company’s expectations about the transfer of services and the receipt of payment from customers. The effect of this practical expedient is not material to the Company’s financial statements. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE D – PROPERTY AND EQUIPMENT Property and equipment consist of the following: Schedule of Property and Equipment September 30, December 31, 2021 2020 Telecommunication equipment and computers $ 1,267,497 $ 1,267,497 Less: accumulated depreciation (1,140,429 ) (1,092,533 ) Property and equipment, net $ 127,068 $ 174,964 Depreciation expense for the nine months ended September 30, 2021 and 2020 was $ 46,932 53,042 12,351 17,307 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE E – DEBT The Company’s debt consists of the following: Schedule of debt September 30, December 31, 2021 2020 Various promissory notes payable to due to shareholder, all carry simple interest of 7% per annum, due at various times between August 2022 and March 2023 $ 250,000 $ – Notes payable to a financial institution, interest rates of 4.7% per annum, with the equipment purchased pledged as collateral and varying due dates through November 2024 91,533 – $625,000 of 7% unsecured note payable due February 2022, net of unamortized discount of $-0- and $38,048, respectively 625,000 586,952 $ 975,833 $ 586,952 In February 2020, we issued a note in the amount of $ 625,000 7 62,500 80,053 9,910 February 13, 2022 In March 2021, we received a loan pursuant to the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the amount of $ 160,073 In June 18, 2021, a shareholder advanced funds in the amount of $ 100,000 7 In August and September 2021, a shareholder loaned a total of $150,000, to the Company under two separate promissory notes in the amounts of $ 100,000 50,000 7 Schedule of long term debt maturities 12 Month Period Ending September 30, 2022 $ 759,275 2023 179,534 2024 27,724 Total future payments 966,533 Less: discount – Total debt $ 966,533 |
REPURCHASE AGREEMENT
REPURCHASE AGREEMENT | 9 Months Ended |
Sep. 30, 2021 | |
Repurchase Agreement | |
REPURCHASE AGREEMENT | NOTE F – REPURCHASE AGREEMENT In April 2020, we entered into a Repurchase and General Release Agreement (the “Agreement”) with one shareholder pursuant to which we promised to pay the amount of $200,000 due on December 31, 2020, in consideration for the return to us of 40,000 shares of outstanding common stock and 40,000 shares of outstanding Series B Preferred Stock previously purchased and currently held by the shareholder. The Agreement stated that the Company was to make $10,000 monthly installments with the balance payable on the maturity date. The Agreement contains a feature that allows the Company to extend the maturity date of the amount payable to March 31, 2021 in the Company’s sole discretion, and if the Company exercises this option, the $10,000 monthly installments will continue until the extended maturity date on which date the remaining balance will be due. In September 2020, the Company extended the maturity date under the terms of the Agreement to March 31,2021. The Company made payments in the amount of $80,000 in good faith during 2020, however, the shareholder has not returned any of the shares that we paid for so that they may be canceled as contemplated in the Agreement. As the shares had not been returned, the Company is not obligated per the Agreement to pay any monies. The Company is pursuing action against the shareholder to have the shares returned or have the monies paid returned. Until such time, the $ 80,000 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
LEASES | NOTE G – LEASES The Company leases facilities and office equipment under various operating leases, which generally are expected to be renewed or replaced by other leases. For the nine-month periods ended September 30, 2021 and 2020, operating lease expense totaled $ 83,888 115,363 25,710 24,474 The weighted average remaining lease term is 1.80 5.5 Future minimum lease payments as of September 30, 2021 are as follows: Minimum Lease Payments 2021 $ 18,915 2022 12,815 2023 2,875 Total minimum lease payments 34,605 Less: imputed interest (1,532 ) Present value of minimum lease payments $ 33,073 Less: current portion of lease obligation 18,915 Long-term lease obligation $ 14,158 |
WARRANTS
WARRANTS | 9 Months Ended |
Sep. 30, 2021 | |
Warrants | |
WARRANTS | NOTE H – WARRANTS The Company has common stock purchase warrants outstanding at September 30, 2021 to purchase 2,491,074 2,000,000 1.00 268,019 5.00 223,055 5.00 To calculate the fair value of stock warrants at the date of grant, we use the Black-Scholes option pricing model. The volatility used is based on historical volatilities of selected peer group companies. Management estimates the average volatility considering current and future expected market conditions. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Each issuance is individually valued according to this procedure as of the date of issue with maturity dates between December 31, 2021 and December 31, 2022, volatility estimates between 35% to 60% and risk-free rates 0.05% to 0.1% in the period. On January 7, 2021 we issued 56,592 51,344 During January 2021, we issued 24,211 22,173 During February 2021, we issued 9,375 7,005 During February 2021, we issued 3,750 5,969 During March 2021, we issued 50 78 During the quarter ended March 31, 2021, a total of 15,200 3,800 In April 2021, a total of 9,006 45,030 2,252 3,394 In May 2021, a total of 20,000 100,000 5,000 7,335 In July 2021, we issued 20,000 27,159 In August 2021, we issued 9,375 7,560 In September 2021, we issued 16,000 15,836 The following is a summary of activity and outstanding common stock warrants: Schedule of warrant activity # of Warrants Balance, December 31, 2020 2,388,675 Warrants granted 146,605 Warrants exercised (44,206 ) Warrants expired – Balance, September 30, 2021 2,491,074 Exercisable, September 30, 2021 2,491,074 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE I – STOCKHOLDERS’ EQUITY Holders of common stock are entitled to one vote per share. The common stock does not have cumulative voting rights in the election of directors. Accordingly, the holders of a majority of the outstanding shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election. Subject to preferential rights with respect to any series of preferred stock that may be issued, holders of the common stock are entitled to receive ratably such dividends as may be declared by the board of directors on the common stock out of funds legally available therefore and, in the event of liquidation, dissolution or winding-up of affairs, are entitled to share equally and ratably in all the remaining assets and funds. Series A preferred stock is nonvoting capital stock but may be converted into voting common stock. Each share of series A preferred stock is convertible at the option of the holder at any time after the issuance into one share of common stock, subject to adjustment from time to time in the event (i) the Company subdivides or combines its outstanding common stock into a greater or smaller number of shares, including stock splits and stock dividends; or (ii) of a reorganization or reclassification of common stock, the consolidation or merger with or into another company, the sale, conveyance or other transfer of substantially all of the Company assets to another corporation or other similar event, whereby securities or other assets are issuable or distributable to the holders of the outstanding common stock upon the occurrence of any such event; or (iii) of the issuance to the holders of Company common stock of securities convertible into, or exchangeable for, such shares of common stock. Each outstanding share of series A preferred stock will automatically convert into one share of common stock (a) if the common stock commences public trading on the NASDAQ capital market or better, (b) if the series A preferred stockholder receives distributions from the net profits pool equal to the original purchase price paid for their registered links, or (c) five years after the date of issuance of the series A preferred stock. The Company does not have any other right to require a conversion of the series A preferred stock into common stock. The Company does not have the option to redeem outstanding shares of series A preferred stock. A holder of the series A preferred stock has no preemptive rights to subscribe for any additional shares of any class of stock or for any issue of bonds, notes or other securities convertible into any class of stock. In the event of a liquidation, dissolution or winding-up whether voluntary or otherwise, after payment of debts and other liabilities, the holders of the series A preferred stock will be entitled to receive from the remaining net assets, before any distribution to the holders of the common stock, the amount of $1.50 per share. After payment of the liquidation preference to the holders of series A preferred stock and payment of any other distributions that may be required with respect to any other series of preferred stock, the remaining assets, if any, will be distributed ratably to the holders of the common stock and the holders of the series A preferred stock on an as-if converted basis. The series B preferred stock is voting capital stock. The holders of the series B preferred stock will vote on an as-converted basis with the common stock on all matters submitted to a vote of the shareholders. The holders of the series B preferred stock are not entitled to any dividends unless and until the series B preferred stock is converted into common stock. Each share of series B preferred stock is convertible at the option of the holder at any time after issuance into one share of common stock, subject to adjustment from time to time in the event (i) the Company subdivides or combines into outstanding common stock into a greater or smaller number of shares, including stock splits and stock dividends; or (ii) of a reorganization or reclassification of common stock, the consolidation or merger with or into another company, the sale, conveyance or other transfer of substantially all of the Company assets to another corporation or other similar event, whereby securities or other assets are issuable or distributable to the holders of the outstanding common stock upon the occurrence of any such event; or (iii) of the issuance by us to the holders of common stock of securities convertible into, or exchangeable for, such shares of common stock. Each outstanding share of series B preferred stock will automatically convert into one share of common stock at a conversion rate equal to the lesser of $3.00 per share or 75% of the average closing price of the Company’s common stock as quoted on the public securities trading market on which our common stock is then traded with the highest volume, for ten (10) consecutive trading days immediately after the first day of public trading of common stock if common stock commences public trading on the NASDAQ capital market or better, but in any event no less than $2.50 per share or at $3.00 per share five years after the date of issuance of the series B preferred stock. In the event of a liquidation, dissolution or winding-up whether voluntary or otherwise, after payment of debts and other liabilities, the holders of the series B preferred stock will be entitled to receive from the remaining net assets, before any distribution to the holders of the common stock, and pari pasu with the payment of a liquidation preference of $1.50 per share to the holders of the series A preferred stock, the amount of $3.00 per share. After payment of the liquidation preference to the holders of the series A preferred stock and the series B preferred stock, and payment of any other distribution that may be required with respect to any other series of preferred stock, the remaining assets, if any, will be distributed ratably to the holders of the common stock, the holders of the series A preferred stock, and the holders of the series B preferred stock on an as-if converted basis. The series C preferred stock is voting capital stock. For so long as any shares of the series C preferred stock remain issued and outstanding, the holders thereof, voting separately as a class, shall have the right, on or after July 20, 2016, to vote in an amount equal to 51% of the total vote (representing a super majority voting power) with respect to all matters submitted to a vote of the shareholders of Wytec. Such vote shall be determined by the holder(s) of a majority of the then issued and outstanding shares of series C preferred stock. For example, if there are 10,000 shares of our common stock issued and outstanding at the time of such shareholder vote, the holders of the series C preferred stock, voting separately as a class, will have the right to vote an aggregate of 10,408 shares, out of a total number of 20,408 shares voting. Additionally, the Company is prohibited from adopting any amendments to the Company’s bylaws or articles of incorporation, as amended, making any changes to the certificate of designation establishing the series C preferred stock, or effecting any reclassification of the series C preferred stock, without the affirmative vote of at least 66-2/3% of the outstanding shares of series C preferred stock. The Company may, however, by any means authorized by law and without any vote of the holders of shares of series C preferred stock, make technical, corrective, administrative or similar changes to such certificate of designation that do not, individually or in the aggregate, adversely affect the rights or preferences of the holders of shares of series C preferred stock. The holders of the series C preferred stock are not entitled to any dividends. Holders of the series C preferred stock have no conversion rights. The shares of the series C preferred stock shall be automatically redeemed by us at their par value on the first to occur of the following: (i) on the date that Mr. Gray ceases, for any reason, to serve as officer, director or consultant of Wytec, or (ii) on the date that our shares of common stock first trade on any national securities exchange provided that the listing rules of any such exchange prohibit preferential voting rights of a class of securities of Wytec, or listing on any such national securities exchange is conditioned upon the elimination of the preferential voting rights of the series C preferred stock set forth in the certificate of designation. A holder of the series C preferred stock has no preemptive rights to subscribe for any additional shares of any class of stock of Wytec or for any issue of bonds, notes or other securities convertible into any class of stock of Wytec. The holders of the Series C preferred stock are not entitled to any liquidation preference. During the first quarter of 2021, the Company issued a total of 461,270 461,270 In January 2021, a total of 24,211 In February 2021, a total of 15,000 75,000 In February 2021, the Company issued a total of 9,375 In March 2021, a total of 200 1,000 In April 2021, a total of 9,006 45,030 In April 2021, the Company issued a total of 25,280 25,280 In May 2021, a total of 20,000 100,000 In May 2021, the Company issued a total of 30,000 30,000 In June 2021, the Company issued a total of 40,000 On June 14, 2021, the Company cancelled 24,134,448 In July 2021, the Company issued a total of 20,000 In July 2021, the Company issued a total of 30,000 30,000 In August 2021, the Company issued a total of 9,375 In August 2021, the Company issued a total of 10,000 10,000 In August 2021, the Company issued a total of 400 In September 2021, the Company issued a total of 16,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE J – RELATED PARTY TRANSACTIONS The Company has an account payable balance owed to Richardson & Associates in the amount of $ 172,014 107,084 106,870 47,285 |
CONCENTRATION
CONCENTRATION | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION | NOTE K – CONCENTRATION The Company derived $ 272,843 70 365,692 82 |
PRIOR PERIOD MISSTATEMENTS
PRIOR PERIOD MISSTATEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Prior Period Misstatements | |
PRIOR PERIOD MISSTATEMENTS | NOTE L – PRIOR PERIOD MISSTATEMENTS As part of its internal review prior to submitting its financial statements for the 3-month period ended March 31, 2021, the Company’s Management identified certain items, which pursuant to GAAP standards, required adjusting entries for proper financial presentation. The identified items related to prior periods dating back to 2019, and included: 1) Understatement of 2020 expenses, that related to 2019, in the amount of $ 49,174 17,041 Management evaluated the impact of these misstatements and determined the impact is immaterial. Management has corrected the accompanying Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2020, which resulted in a decrease to net cash used in operating activities of $ 25,125 Scheduled of condensed consolidated statement of operations 2020 Statement of Operations Impact For the Three Months Ended September 30, 2020 Adjustment for Error Correction As Revised Revenues $ 111,625 $ – $ 111,625 Cost of sales 50,340 – 50,340 Selling, general and administrative 472,464 (3) (10,469 ) 461,995 Depreciation and amortization 9,229 (3) 8,078 17,307 Research and development 5,852 – 5,852 Other expense 23,608 (3) 2,094 25,702 Net loss $ (449,868 ) $ 297 $ (449,571 ) For the Nine Months Ended September 30, 2020 Adjustment for Error Correction As Revised Revenues $ 444,390 $ – $ 444,390 Cost of sales 361,087 – 361,087 Selling, general and administrative 1,675,332 (1/3) 17,767 1,693,099 Depreciation and amortization 28,808 (3) 24,234 53,042 Research and development 10,577 – 10,577 Other expense 54,269 (3) 6,282 60,551 Net loss $ (1,685,683 ) $ (48,283 ) $ (1,733,966 ) December 31, 2020 Balance Sheet Impact As Previously Adjustment for As Reported Error Correction Revised Assets Accounts Receivable $ 42,311 (2) $ 17,041 $ 59,352 Other current assets 599,684 – 599,684 Other assets 117,169 – 117,169 Fixed Assets 55,184 (3) 119,780 174,964 Total Assets 814,348 136,821 951,169 Liabilities Current liabilities $ 1,809,965 (3) $ 33,502 $ 1,843,467 Note payables – (3) 82,383 82,383 Other liabilities 27,274 – 27,274 Total liabilities 1,837,239 115,885 1,953,124 Stockholders' deficit Accumulated deficit (22,092,678 ) (2)/(3) 20,936 (22,071,742 ) Total Stockholders' deficit $ (1,022,891 ) $ 20,936 $ (1,001,955 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE M – SUBSEQUENT EVENTS In October 2021, the Company commenced an offering of up to $1,400,000 of convertible promissory notes (the “Notes”) under Rule 506(b) of Regulation D of the Securities Act of 1933, as amended, (the “Note Offering”). Each Note bears simple interest at the rate of 7% per annum and is due and payable twelve months after the initial issuance of the Note (the “Maturity Date”). If the Company’s common stock is listed on the NASDAQ Market System on or before the Maturity Date, the noteholders (“Noteholders”) will have the option to convert all or a portion of their outstanding Notes into shares of the Company’s common stock at a rate equal to the greater of $5.00 per share or a price equal to eighty-five percent (85%) of the 10-day moving average of the Company’s public trading price as shown on the NASDAQ Market System. If the Note is converted before the Company’s common stock has commenced to trade on the public securities trading market, then (a) the conversion price will be $5.00 per share, and (b) immediately upon the conversion, the converting Noteholders will be issued a number of new warrants from the Company equal to the dollar amount of the conversion divided by $5.00 (the “Warrants”). The Warrants will be exercisable until December 31, 2022 at an exercise price equal to the greater of (i) five dollars ($5.00) or (ii) eighty-five percent (85%) of the 10-day moving average of the Borrower’s public trading price as shown on the NASDAQ Market System. In October 2021, Wytec issued a total of 40,000 shares of common stock and 40,000 of common stock purchase warrants to six investors pursuant to the Company’s Unit Offering. In October 2021, the president of the Company loaned $10,000 to the Company pursuant to a promissory note. The note bears simple interest at a rate of 5% per annum with a maturity date of October 21, 2022. In November 2021, the Company issued a total of 4,100 shares of common stock in consideration for the exercise of 4,100 common stock purchase warrants by two warrant holders at an exercise price of $5.00 per share. In November 2021, Wytec issued a total of 17,000 shares of common stock and 17,000 of common stock purchase warrants to two investors pursuant to the Company’s Unit Offering. On November 4, 2021, Ms. Erica Perez was appointed as a director of Wytec. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Description of Business | Description of Business On or about August 20, 2020, Capaciti Networks, Inc., our former subsidiary, was dissolved and on or about September 22, 2020, Wylink, Inc., our former subsidiary, was dissolved. No consideration was exchanged in either transaction. As a result of the dissolutions, we acquired the net assets and liabilities of both Wylink, Inc, and Capaciti Networks, Inc. and their operations continue as part of the Company. |
Basis of Accounting | Basis of Accounting |
Revenue and Cost Recognition | Revenue and Cost Recognition The Company earns revenues from contracts with customers for (i) sales and installation of cellular enhancement equipment and (ii) support agreements. Revenue from the sale and installation of cellular enhancement equipment is recognized either when the installation is completed or as the Company installs the cellular enhancement equipment, depending on the complexity of the system, such as the degree of customization of the equipment being installed, and the agreement with the customer. The less complex systems installed by the Company where management believes the installed equipment has an alternative use, due to the standard nature of the equipment sourced from our vendors that can be used in other projects, revenue from such contacts is recognized for completed installations upon customer acceptance. This assessment, at contract inception, is a management judgment based on the combination of equipment ordered, the services performed and whether or not material effort, within the context of the contract, would be required to rework the equipment for another project, and the term and terms of the contract with the customer. For example, such contracts are usually completed within 30-45 days. In larger more complex projects where the Company is creating an asset for the customer with no alternative use and has an enforceable right to payment for performance prior to contract completion, we recognize revenue utilizing the percentage of completion method. This method measures completion based on management’s estimate of total costs to complete each contract because management considers total costs to be the best available measure of progress on the contract. Support agreements entered into with customers are generally for a period of one year, during which the Company stands ready to provide service and support for installed systems at the customer site. Support agreement amounts are billed in advance to the customer, as agreed in the contract, and recorded as a contract liability. During the period, the Company provides unspecified firmware upgrades to installed client equipment as they are available. Management estimates that straight line recognition of revenue over the period of the support agreement contract is a faithful representation of the pattern of delivery on the Company’s obligation under these agreements. Sales tax is recorded on a net basis and excluded from revenue. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts No |
Operating Leases Right-of-use Assets and Operating Lease Obligations | Operating Leases Right-of-use Assets and Operating Lease Obligations |
Use of Estimates | Use of Estimates |
Income Taxes | Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
REVENUE AND ACCOUNTS RECEIVAB_2
REVENUE AND ACCOUNTS RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Point in Time $ 69,988 $ 111,557 $ 366,773 $ 444,322 Over Time 8,011 68 25,602 68 $ 77,999 $ 111,625 $ 392,375 $ 444,390 |
Contract Assets and Liabilities | Contract Assets and Liabilities September 30, December 31, 2021 2020 Contract Liability $ (8,737 ) $ (25,905 ) $ (8,737 ) $ (25,905 ) |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment September 30, December 31, 2021 2020 Telecommunication equipment and computers $ 1,267,497 $ 1,267,497 Less: accumulated depreciation (1,140,429 ) (1,092,533 ) Property and equipment, net $ 127,068 $ 174,964 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Schedule of debt September 30, December 31, 2021 2020 Various promissory notes payable to due to shareholder, all carry simple interest of 7% per annum, due at various times between August 2022 and March 2023 $ 250,000 $ – Notes payable to a financial institution, interest rates of 4.7% per annum, with the equipment purchased pledged as collateral and varying due dates through November 2024 91,533 – $625,000 of 7% unsecured note payable due February 2022, net of unamortized discount of $-0- and $38,048, respectively 625,000 586,952 $ 975,833 $ 586,952 |
Schedule of long term debt maturities | Schedule of long term debt maturities 12 Month Period Ending September 30, 2022 $ 759,275 2023 179,534 2024 27,724 Total future payments 966,533 Less: discount – Total debt $ 966,533 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
Minimum Lease Payments | Minimum Lease Payments 2021 $ 18,915 2022 12,815 2023 2,875 Total minimum lease payments 34,605 Less: imputed interest (1,532 ) Present value of minimum lease payments $ 33,073 Less: current portion of lease obligation 18,915 Long-term lease obligation $ 14,158 |
WARRANTS (Tables)
WARRANTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Warrants | |
Schedule of warrant activity | Schedule of warrant activity # of Warrants Balance, December 31, 2020 2,388,675 Warrants granted 146,605 Warrants exercised (44,206 ) Warrants expired – Balance, September 30, 2021 2,491,074 Exercisable, September 30, 2021 2,491,074 |
PRIOR PERIOD MISSTATEMENTS (Tab
PRIOR PERIOD MISSTATEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Prior Period Misstatements | |
Scheduled of condensed consolidated statement of operations | Scheduled of condensed consolidated statement of operations 2020 Statement of Operations Impact For the Three Months Ended September 30, 2020 Adjustment for Error Correction As Revised Revenues $ 111,625 $ – $ 111,625 Cost of sales 50,340 – 50,340 Selling, general and administrative 472,464 (3) (10,469 ) 461,995 Depreciation and amortization 9,229 (3) 8,078 17,307 Research and development 5,852 – 5,852 Other expense 23,608 (3) 2,094 25,702 Net loss $ (449,868 ) $ 297 $ (449,571 ) For the Nine Months Ended September 30, 2020 Adjustment for Error Correction As Revised Revenues $ 444,390 $ – $ 444,390 Cost of sales 361,087 – 361,087 Selling, general and administrative 1,675,332 (1/3) 17,767 1,693,099 Depreciation and amortization 28,808 (3) 24,234 53,042 Research and development 10,577 – 10,577 Other expense 54,269 (3) 6,282 60,551 Net loss $ (1,685,683 ) $ (48,283 ) $ (1,733,966 ) December 31, 2020 Balance Sheet Impact As Previously Adjustment for As Reported Error Correction Revised Assets Accounts Receivable $ 42,311 (2) $ 17,041 $ 59,352 Other current assets 599,684 – 599,684 Other assets 117,169 – 117,169 Fixed Assets 55,184 (3) 119,780 174,964 Total Assets 814,348 136,821 951,169 Liabilities Current liabilities $ 1,809,965 (3) $ 33,502 $ 1,843,467 Note payables – (3) 82,383 82,383 Other liabilities 27,274 – 27,274 Total liabilities 1,837,239 115,885 1,953,124 Stockholders' deficit Accumulated deficit (22,092,678 ) (2)/(3) 20,936 (22,071,742 ) Total Stockholders' deficit $ (1,022,891 ) $ 20,936 $ (1,001,955 ) |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 23,515,665 | $ 22,071,742 |
REVENUE AND ACCOUNTS RECEIVAB_3
REVENUE AND ACCOUNTS RECEIVABLE (Details - Disaggregation of Revenue) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 77,999 | $ 111,625 | $ 392,375 | $ 444,390 |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 69,988 | 111,557 | 366,773 | 444,322 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 8,011 | $ 68 | $ 25,602 | $ 68 |
REVENUE AND ACCOUNTS RECEIVAB_4
REVENUE AND ACCOUNTS RECEIVABLE (Details - Contract Assets and Liabilities) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract Liability | $ (8,737) | $ (25,905) |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Telecommunication equipment and computers | $ 1,267,497 | $ 1,267,497 |
Less: accumulated depreciation | (1,140,429) | (1,092,533) |
Property and equipment, net | $ 127,068 | $ 174,964 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 12,351 | $ 17,307 | $ 46,932 | $ 53,042 |
DEBT (Details - Debt)
DEBT (Details - Debt) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Debt outstanding | $ 975,833 | $ 586,952 |
Unsecured Note Payable 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt outstanding | 250,000 | 0 |
Unsecured Note Payable 2 [Member] | ||
Short-term Debt [Line Items] | ||
Debt outstanding | 91,533 | 0 |
Unsecured Note Payable 3 [Member] | ||
Short-term Debt [Line Items] | ||
Debt outstanding | $ 625,000 | $ 586,952 |
DEBT (Details - Debt maturity)
DEBT (Details - Debt maturity) | Sep. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
Future maturity of debt due 2022 | $ 759,275 |
Future maturity of debt due 2023 | 179,534 |
Future maturity of debt due 2024 | 27,724 |
Total future payments | 966,533 |
Less: discount | 0 |
Total debt | $ 966,533 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) | 2 Months Ended | 9 Months Ended | |||||
Feb. 25, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 31, 2021 | Jul. 18, 2021 | Jun. 18, 2021 | Feb. 29, 2020 | |
Debt Instrument [Line Items] | |||||||
Amortization of warrant discount | $ 38,048 | $ 28,788 | |||||
Feb 2020 Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 625,000 | ||||||
Debt stated interest rate | 7.00% | ||||||
Warrants issued with debt, shares | 62,500 | ||||||
Warrants issued with debt, value | $ 80,053 | ||||||
Amortization of warrant discount | $ 9,910 | ||||||
Maturity date | Feb. 13, 2022 | ||||||
Ppp Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 160,073 | ||||||
Promissory Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt stated interest rate | 7.00% | ||||||
Advanced | $ 100,000 | ||||||
First Promissory Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Advanced | $ 100,000 | ||||||
Second Promissory Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt stated interest rate | 7.00% | ||||||
Advanced | $ 50,000 |
REPURCHASE AGREEMENT (Details N
REPURCHASE AGREEMENT (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Repurchase Agreement | |
Reduction in paid-in-capital for repurchase | $ 80,000 |
LEASES (Details)
LEASES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases | ||
2021 | $ 18,915 | |
2022 | 12,815 | |
2023 | 2,875 | |
Total minimum lease payments | 34,605 | |
Less: imputed interest | (1,532) | |
Present value of minimum lease payments | 33,073 | |
Less: current portion of lease obligation | (18,915) | $ (71,256) |
Long-term lease obligation | $ 14,158 | $ 27,274 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases | ||||
Operating lease expense | $ 25,710 | $ 24,474 | $ 83,888 | $ 115,363 |
Operating lease weighted average remaining lease term | 1 year 9 months 18 days | 1 year 9 months 18 days | ||
Weighted average discount rate | 5.50% | 5.50% |
WARRANTS (Details)
WARRANTS (Details) - shares | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Feb. 28, 2021 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of warrants exercised | (200) | (15,000) | |
Number of warrants outstanding, ending balance | 2,491,074 | ||
Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of warrants outstanding, beginning balance | 2,388,675 | ||
Number of warrants granted | 146,605 | ||
Number of warrants exercised | (44,206) | ||
Number of warrants expired | 0 | ||
Number of warrants outstanding, ending balance | 2,491,074 | ||
Number of warrants exercisable | 2,491,074 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | Jan. 07, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | May 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants outstanding | 2,491,074 | 2,491,074 | |||||||||||
Proceeds from warrants exercised | $ 1,000 | $ 75,000 | $ 221,030 | $ 2,500 | |||||||||
Three Investors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from warrants exercised | $ 100,000 | $ 45,030 | |||||||||||
Warrant [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants outstanding | 2,491,074 | 2,491,074 | 2,388,675 | ||||||||||
Warrants exercisable | 2,491,074 | 2,491,074 | |||||||||||
Number of warrants granted | 146,605 | ||||||||||||
Warrant [Member] | $1.00 Price [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants exercisable | 2,000,000 | ||||||||||||
Warrant Exercise price | $ 1 | ||||||||||||
Warrant [Member] | $5.00 Price [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants exercisable | 268,019 | ||||||||||||
Warrant Exercise price | $ 5 | ||||||||||||
Warrant [Member] | Greater than $5.00 or other [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Warrants exercisable | 223,055 | ||||||||||||
Warrant Exercise price | $ 5 | ||||||||||||
Common Stock Purchase Warrants [Member] | Three Consultants [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of warrants granted | 56,592 | ||||||||||||
Fair value of warrants granted | $ 51,344 | ||||||||||||
Common Stock Purchase Warrants [Member] | Three Investors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of warrants granted | 5,000 | 2,252 | 24,211 | ||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 15,836 | $ 7,335 | $ 3,394 | $ 22,173 | |||||||||
Warrants exercised | 16,000 | 20,000 | 9,006 | ||||||||||
Proceeds from warrants exercised | $ 100,000 | $ 45,030 | |||||||||||
Common Stock Purchase Warrants [Member] | Two Investors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of warrants granted | 9,375 | 3,800 | |||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 7,560 | $ 7,005 | |||||||||||
Warrants exercised | 9,375 | 15,200 | |||||||||||
Common Stock Purchase Warrants [Member] | Two Investor [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of warrants granted | 3,750 | ||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 5,969 | ||||||||||||
Common Stock Purchase Warrants [Member] | One Investor [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of warrants granted | 50 | ||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 78 | ||||||||||||
Common Stock Purchase Warrants [Member] | Four Investors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 27,159 | ||||||||||||
Warrants exercised | 20,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Jun. 14, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | May 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Class of Stock [Line Items] | ||||||||||||
Stock issued for cash, shares | 24,211 | |||||||||||
Warrants exercised | 200 | 15,000 | ||||||||||
Proceeds from warrants exercised | $ 1,000 | $ 75,000 | $ 221,030 | $ 2,500 | ||||||||
Eight Shareholders [Member] | Series B Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock converted, shares converted | 461,270 | |||||||||||
Two Investors [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued for cash, shares | 9,375 | 9,375 | ||||||||||
Three Investors [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued for cash, shares | 16,000 | |||||||||||
Warrants exercised | 20,000 | 9,006 | ||||||||||
Proceeds from warrants exercised | $ 100,000 | $ 45,030 | ||||||||||
Two Shareholders [Member] | Series B Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock converted, shares converted | 30,000 | 25,280 | ||||||||||
One Shareholder [Member] | Series B Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock converted, shares converted | 40,000 | 10,000 | 30,000 | |||||||||
Four Investors [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued for cash, shares | 20,000 | |||||||||||
Individual Counterparty [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 400 | |||||||||||
Common Stock [Member] | Eight Shareholders [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock converted, shares issued | 461,270 | |||||||||||
Common Stock [Member] | Two Shareholders [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock converted, shares issued | 30,000 | 25,280 | ||||||||||
Common Stock [Member] | One Shareholder [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock converted, shares issued | 10,000 | 30,000 | ||||||||||
Treasury Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock cancelled | 24,134,448 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Accounts payable - related parties | $ 172,014 | $ 107,084 | |
Richardson And Associates [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable - related parties | 172,014 | $ 107,084 | |
Related party expenses | $ 106,870 | $ 47,285 |
CONCENTRATION (Details Narrativ
CONCENTRATION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 77,999 | $ 111,625 | $ 392,375 | $ 444,390 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 272,843 | $ 365,692 | ||
Concentration risk percentage | 70.00% | 82.00% |
PRIOR PERIOD MISSTATEMENTS (Det
PRIOR PERIOD MISSTATEMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 444,390 | |||||||||
Cost of sales | 361,087 | |||||||||
Selling, general and administrative | $ 552,415 | $ 461,995 | $ 1,478,420 | 1,693,099 | ||||||
Depreciation and amortization | 53,042 | |||||||||
Research and development | 19,555 | 5,852 | 40,953 | 10,577 | ||||||
Other expense | 60,551 | |||||||||
Net loss | (433,027) | $ (446,256) | $ (564,640) | (449,571) | $ (361,344) | $ (923,051) | (1,422,987) | (1,733,966) | ||
Assets | ||||||||||
Accounts Receivable | 69,455 | 69,455 | $ 59,352 | |||||||
Fixed Assets | 127,068 | 127,068 | 174,964 | |||||||
Total Assets | 398,371 | 398,371 | 951,169 | |||||||
Liabilities | ||||||||||
Current liabilities | 2,057,934 | 2,057,934 | 1,843,467 | |||||||
Note payables | 34,275 | 34,275 | 33,502 | |||||||
Total liabilities | 2,279,350 | 2,279,350 | 1,953,124 | |||||||
Stockholders' deficit | ||||||||||
Accumulated deficit | (23,515,665) | (23,515,665) | (22,071,742) | |||||||
Total Stockholders' deficit | (1,880,979) | $ (1,676,827) | $ (1,386,329) | $ (1,436,648) | $ (1,207,932) | $ (766,588) | $ (1,880,979) | (1,436,648) | (1,001,955) | $ (165,515) |
Previously Reported [Member] | ||||||||||
Revenues | 111,625 | 444,390 | ||||||||
Cost of sales | 50,340 | 361,087 | ||||||||
Selling, general and administrative | 472,464 | 1,675,332 | ||||||||
Depreciation and amortization | 9,229 | 28,808 | ||||||||
Research and development | 5,852 | 10,577 | ||||||||
Other expense | 23,608 | 54,269 | ||||||||
Net loss | (449,868) | (1,685,683) | ||||||||
Assets | ||||||||||
Accounts Receivable | 42,311 | |||||||||
Other current assets | 599,684 | |||||||||
Other assets | 117,169 | |||||||||
Fixed Assets | 55,184 | |||||||||
Total Assets | 814,348 | |||||||||
Liabilities | ||||||||||
Current liabilities | 1,809,965 | |||||||||
Note payables | 0 | |||||||||
Other liabilities | 27,274 | |||||||||
Total liabilities | 1,837,239 | |||||||||
Stockholders' deficit | ||||||||||
Accumulated deficit | (22,092,678) | |||||||||
Total Stockholders' deficit | (1,022,891) | |||||||||
Revision of Prior Period, Adjustment [Member] | ||||||||||
Revenues | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | ||||||||
Selling, general and administrative | (10,469) | 17,767 | ||||||||
Depreciation and amortization | 8,078 | 24,234 | ||||||||
Research and development | 0 | 0 | ||||||||
Other expense | 2,094 | 6,282 | ||||||||
Net loss | 297 | $ (48,283) | ||||||||
Assets | ||||||||||
Accounts Receivable | 17,041 | |||||||||
Other current assets | 0 | |||||||||
Other assets | 0 | |||||||||
Fixed Assets | 119,780 | |||||||||
Total Assets | 136,821 | |||||||||
Liabilities | ||||||||||
Current liabilities | 33,502 | |||||||||
Note payables | 82,383 | |||||||||
Other liabilities | 0 | |||||||||
Total liabilities | 115,885 | |||||||||
Stockholders' deficit | ||||||||||
Accumulated deficit | 20,936 | |||||||||
Total Stockholders' deficit | 20,936 | |||||||||
As Restated [Member] | ||||||||||
Revenues | 111,625 | |||||||||
Cost of sales | 50,340 | |||||||||
Selling, general and administrative | 461,995 | |||||||||
Depreciation and amortization | 17,307 | |||||||||
Research and development | 5,852 | |||||||||
Other expense | 25,702 | |||||||||
Net loss | $ (449,571) | |||||||||
Assets | ||||||||||
Accounts Receivable | 59,352 | |||||||||
Other current assets | 599,684 | |||||||||
Other assets | 117,169 | |||||||||
Fixed Assets | 174,964 | |||||||||
Total Assets | 951,169 | |||||||||
Liabilities | ||||||||||
Current liabilities | 1,843,467 | |||||||||
Note payables | 82,383 | |||||||||
Other liabilities | 27,274 | |||||||||
Total liabilities | 1,953,124 | |||||||||
Stockholders' deficit | ||||||||||
Accumulated deficit | (22,071,742) | |||||||||
Total Stockholders' deficit | $ (1,001,955) |
PRIOR PERIOD MISSTATEMENTS (D_2
PRIOR PERIOD MISSTATEMENTS (Details Narrative) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Prior Period Misstatements | |
Understatement of expenses | $ 49,174 |
Understatement of accounts receivable and revenue | 17,041 |
[custom:DecreaseToNetCashUsedInOperatingActivities] | $ 25,125 |