Annual report pursuant to Section 13 and 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

v3.20.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Summary of Carrying Amount of the Major Classes of Liabilities

The carrying amounts of the major classes of these liabilities as of December 31, 2019 and 2018 are summarized as follows:

 

    December 31, 2019     December 31, 2018  
Assets of discontinued operations   $ -     $ -  
Liabilities                
Accounts payables and accrued expenses   $ (112,397 )   $ (112,397 )
Liabilities of discontinued operations   $ (112,397 )   $ (112,397 )

Schedule of Estimated Useful Life of Property and Equipment

The estimated useful lives of property and equipment are generally as follows:

 

    Years  
Office furniture and fixtures     4  
Computer equipment     4  
Rental equipment     4  
Appliques     10  
Website development     2  

Schedule of Reconciliation of Derivative Liability Measured at Fair Value

 

    Conversion feature
derivative liability		  
Balance at January 1, 2019   $  -  
Derivative liability     65,000  
Change in fair value included in earnings     36,925  
Balance at March 31, 2019   $ 101,925  
Derivative Liability     (65,000 )
Change in fair value included in earnings     (36,925 )
Balance at December 31, 2019   $ -  

Schedule of Dilutive Common Stock Equivalents

The following are dilutive common stock equivalents during the year ended:

 

    December 31, 2019     December 31, 2018  
Convertible preferred stock     -       147,649  
Convertible notes payable (1)     8,050,000       -  
Stock Options     39,044       79,044  
Stock Warrants     4,000       4,000  
Total     8,093,044       230,693  

 

(1) 8,050,000 shares of our common stock issuable upon conversion of $805,000 of Convertible Notes Payable as of December 31, 2019, not accounting for 4.99% beneficial ownership limitations.
Schedule of Adjustment to Net Income (loss) Available to Common Stockholders

The following are the adjustment to the net income (loss) available to common stockholders during the period ended:

 

    Year Ended
December 31, 2019		     Year Ended
December 31, 2018		  
Net loss   $ (1,379,756 )   $ (1,194,706 )
Preferred shares redemption adjustment   $ 201,924     $ -  
Net loss available to common shareholders   $ (1,177,832 )   $ -  
                 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS                
Weighted number of common shares outstanding – basic & diluted     106,175       62,435  
Loss applicable to common shareholders per share   $ (11.09 )   $ (19.14 )