NextPlat Corp General form of registration statement for all companies including face-amount certificate companies

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

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

12 Months Ended

Dec. 31, 2020

Summary of Carrying Amount of Major Classes of Liabilities

The carrying amounts of the major classes of these liabilities as of December 31, 2020 and 2019 are summarized as follows:

	December 31, 2020			December 31, 2019
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 Lives 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, 2020		December 31, 2019
Convertible preferred stock		-		-
Convertible notes payable (1)		6,227,340		8,050,000
Stock Options		3,000,044		39,044
Stock Warrants		4,000		4,000
Total		9,231,384		8,093,044

(1) 6,227,340 shares of our common stock issuable upon conversion of $1,294,268 of Convertible Notes Payable as of December 31, 2020, 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, 2020			Year Ended December 31, 2019
Net loss	$	(2,763,375	)	$	(1,379,756	)
Preferred shares redemption adjustment	$	-		$	201,924
Net loss available to common shareholders	$	(2,763,375	)	$	(1,177,832	)

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
Weighted number of common shares outstanding – basic & diluted		1,339,537			106,175
Loss applicable to common shareholders per share	$	(2.06	)	$	(11.09	)