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: June 30, 2020
 
 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: 001-38190
 
Exactus, Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
27-1085858
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
 
80 NE 4th Avenue, Suite 28, Delray Beach, FL 33483
(Address of principal executive offices, Zip Code)
 
(800) 881-9352
(Registrant's telephone number, including area code)
 
________________________________________________________
(Former Name, Former Address and Former Fiscal Year if Changed Since Last Report)
 
 Securities registered pursuant to Section 12(b) of the Act:  
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
N/A
 
N/A
 
N/A
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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
Non-Accelerated Filer
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 
 
State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 51,912,604 shares of common stock, par value $0.0001 per share, outstanding as of August 17, 2020.
 
 


 
 
 
 
 
 
TABLE OF CONTENTS
 
 
 
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-i-
 
 
 
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements.
 
Our financial statements included in this Form 10-Q are as follows:
 
 
Condensed Consolidated Balance Sheets as June 30, 2020 (unaudited) and December 31, 2019;
 
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited);
 
Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2020 and 2019 (unaudited);
 
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (unaudited);
 
Notes to Unaudited Condensed Consolidated Financial Statements.
 
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2020 are not necessarily indicative of the results that can be expected for the full year.
 
 

 
 
-1-
 
 
 
Exactus, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
 
 
 
June 30,
 
 
December 31,
 
 
 
 2020
 
 
 2019
 
 
 
(Unaudited)
 
 
(As Restated - see Note 14)
 
ASSETS
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
Cash and cash equivalents
 $298,754 
 $18,405 
Accounts receivable, net
  42,895 
  55,725 
Accounts receivable - related party
  107,660 
  18,860 
Inventory, net
  340,528 
  1,337,809 
Prepaid expenses and other current assets - current
  60,114 
  248,776 
Prepaid expenses and other current assets - related party - current
  622,159 
  622,160 
Due from related parties
  - 
  127,500 
Total current assets
  1,472,110 
  2,429,235 
 
    
    
Other Assets:
    
    
   Deposits
  - 
  80,000 
   Prepaid expenses and other current assets - long-term
  9,589 
  - 
   Prepaid expenses and other current assets - related party - long-term
  2,175,000 
  2,492,045 
   Property and equipment, net
  405,775 
  477,433 
   Intangible assets, net
  1,656,894 
  2,147,311 
   Operating lease right-of-use assets, net (see Note 7)
  310,694 
  390,810 
Total other assets
  4,557,952 
  5,587,599 
 
    
    
TOTAL ASSETS
 $6,030,062 
 $8,016,834 
 
    
    
LIABILITIES AND EQUITY
    
    
 
    
    
Current Liabilities:
    
    
Accounts payable
 $2,026,841 
 $1,442,409 
Accounts payable - related parties
  454,511 
  454,511 
Accrued expenses
  589,148 
  238,010 
Unearned revenue - related party
  - 
  215,000 
Notes payable - current portion
  90,755 
  - 
Note payable - related parties
  78,017 
  55,556 
Subscription payable
  250,000 
  250,000 
Convertible notes, net of discounts
  575,979 
  85,906 
Derivative liability
  468,387 
  880,410 
Interest payable
  39,332 
  16,677 
Due to related party
  84,500 
  - 
Operating lease liabilities, current portion (see Note 7)
  178,541 
  169,869 
Total current liabilities
  4,836,011 
  3,808,348 
 
    
    
Long Term Liabilities:
    
    
Convertible notes payable
  - 
  100,000 
Notes payable - long-term portion
  244,755 
  - 
Operating lease liabilities, long-term portion (see Note 7)
  132,154 
  220,942 
Total long term liabilities
  376,909 
  320,942 
 
    
    
TOTAL LIABILITIES
  5,212,920 
  4,129,290 
 
    
    
Commitment and contingencies (see Note 11)
    
    
 
    
    
Equity:
    
    
Exactus, Inc. Stockholders' Equity
    
    
Preferred stock: 50,000,000 shares authorized; $0.0001 par value, 5,266,466 undesignated shares
    
    
Preferred stock Series A: 1,000,000 shares designated; $0.0001 par value,
    
    
323,019 and 353,109 shares issued and outstanding, respectively
  32 
  35 
Preferred stock Series B-1: 32,000,000 shares designated; $0.0001 par value,
    
    
1,650,000 shares issued and outstanding
  165 
  165 
Preferred stock Series B-2: 10,000,000 shares designated; $0.0001 par value,
    
    
7,516,000 shares issued and outstanding
  752 
  752 
Preferred stock Series C: 1,733,334 shares designated; $0.0001 par value,
    
    
none shares issued and outstanding
  - 
  - 
Preferred stock Series D: 200 shares designated; $0.0001 par value,
    
    
18 shares issued and outstanding
  - 
  - 
Preferred stock Series E: 10,000 shares designated; $0.0001 par value,
    
    
10,000 shares issued and outstanding
  1 
  1 
Common stock: 650,000,000 shares authorized; $0.0001 par value,
    
    
50,266,956 and 43,819,325 shares issued and outstanding, respectively
  5,027 
  4,382 
    Common stock to be issued (287,500 and 664,580 shares to be issued, respectively)
  28 
  66 
Additional paid-in capital
  26,905,565 
  25,343,293 
Due from related parties
  (127,500)
  - 
Accumulated deficit
  (25,119,016)
  (20,923,681)
Total Exactus Inc. Stockholders' Equity
  1,665,054 
  4,425,013 
 
    
    
        Non-controlling interest in subsidiary
  (847,912)
  (537,469)
 
    
    
        Total Stockholders' Equity
  817,142 
  3,887,544 
 
    
    
TOTAL LIABILITIES AND EQUITY
 $6,030,062 
 $8,016,834 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
 
-2-
 
 
 
Exactus, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
 
 
 
  Three Months Ended June 30,      
 
 
Six Months Ended June 30,
 
 
 
 2020
 
 
 2019
 
 
 2020
 
 
 2019
 
 
 
(Unaudited)
 
 
(Unaudited)
 
 
(Unaudited)
 
 
(Unaudited)
 
 
 
(As Restated - see Note 14)
 
 
 
 
 
 
 
 
 
 
Net revenues
 $531,240 
 $99,164 
 $1,051,440 
 $115,144 
Net revenues - related party
  - 
  40,519 
  315,800 
  40,519 
 
    
    
    
    
Total net revenues
  531,240 
  139,683 
  1,367,240 
  155,663 
 
    
    
    
    
Cost of sales
  562,270 
  - 
  1,604,743 
  - 
Cost of sales - related party
  60,000 
  103,187 
  417,783 
  115,787 
 
    
    
    
    
Total cost of sales
  622,270 
  103,187 
  2,022,526 
  115,787 
 
    
    
    
    
Gross profit (loss)
  (91,030)
  36,496 
  (655,286)
  39,876 
 
    
    
    
    
Operating Expenses:
    
    
    
    
General and administration
  760,306 
  622,079 
  1,820,893 
  1,274,288 
Selling and marketing expenses
  132,110 
  176,602 
  413,000 
  228,480 
Professional and consulting
  552,197 
  330,891 
  1,280,068 
  2,211,038 
Research and development
  - 
  11,975 
  - 
  26,975 
 
    
    
    
    
Total Operating Expenses
  1,444,613 
  1,141,547 
  3,513,961 
  3,740,781 
 
    
    
    
    
Loss from Operations
  (1,535,643)
  (1,105,051)
  (4,169,247)
  (3,700,905)
 
    
    
    
    
Other Income (expenses):
    
    
    
    
Derivative gain (loss)
  249,982 
  - 
  356,468 
  (1,454,729)
Gain on extinguishment of debt, net
  39,142 
  - 
  39,142 
  - 
(Loss) gain on settlement of debt, net
  (16,500)
  - 
  (23,000)
  3,007,629 
Interest expense
  (420,675)
  (2,519)
  (709,141)
  (369,432)
 
    
    
    
    
Total Other Income (Expenses), net
  (148,051)
  (2,519)
  (336,531)
  1,183,468 
 
    
    
    
    
Loss Before Provision for Income Taxes
  (1,683,694)
  (1,107,570)
  (4,505,778)
  (2,517,437)
Provision for income taxes
  - 
  - 
  - 
  - 
 
    
    
    
    
Net Loss
  (1,683,694)
  (1,107,570)
  (4,505,778)
  (2,517,437)
 
    
    
    
    
Net Loss attributable to non-controlling interest
  154,624 
  152,344 
  310,443 
  187,948 
 
    
    
    
    
Net Loss Attributable to Exactus, Inc.
  (1,529,070)
  (955,226)
  (4,195,335)
  (2,329,489)
 
    
    
    
    
Deemed dividend on Preferred Stock
  - 
  - 
  - 
  (904,450)
 
    
    
    
    
Net Loss available to Exactus, Inc. common stockholders
 $(1,529,070)
 $(955,226)
 $(4,195,335)
 $(3,233,939)
 
    
    
    
    
Net Loss per Common Share - Basic and Diluted
 $(0.03)
 $(0.03)
 $(0.10)
 $(0.09)
Net Loss attributable to non-controlling interest per Common Share - Basic and Diluted
 $(0.00)
 $(0.00)
 $(0.01)
 $(0.01)
Net Loss available to Exactus, Inc. common stockholders per Common Share - Basic and Diluted
 $(0.03)
 $(0.03)
 $(0.09)
 $(0.12)
 
    
    
    
    
Weighted Average Number of Common Shares Outstanding:
    
    
    
    
   Basic and Diluted
  48,203,183 
  35,203,356 
  46,757,076 
  27,227,822 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
 
 
-3-
 
 
 
Exactus, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders' Equity
For the Three and Six Months Ended June 30, 2020 and 2019
(Unaudited)
  
 

 
Preferred
Stock-
Series A
 
 
Preferred
Stock-
Series B-1
 
 
Preferred
Stock-
Series B-2
 
 
Preferred
Stock-
Series C
 
 
Preferred
Stock-
Series D
 
 
Preferred
Stock-
Series E
 
Common
Stock
 
Common
Stock -
Unissued
 
 
Paid in
 
 
Due from Related
 
 
Accumulated
 
 
 Non-controlling
 
 
 
 

 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Capital
 
 
Parties
 
 
 Deficit
 
 
 Interest
 
 
 Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (As Restated - see Note 14)

 
   
 (As Restated - see Note 14) 

 
Balance, December 31, 2019
  353,109 
 $35 
  1,650,000 
 $165 
  7,516,000 
 $752 
  - 
 $- 
  18 
 $- 
  10,000 
 $1 
  43,819,325 
 $4,382 
  664,580 
 $66 
 $25,343,293 
 $- 
 $(20,923,681)
 $(537,469)
 $3,887,544 
 
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Common stock issued for private placement
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  500,000 
  50 
  - 
  - 
  99,950 
  - 
  - 
  - 
  100,000 
Common stock issued for unissued common stock
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  287,500 
  29 
  (287,500)
  (29)
  - 
  - 
  - 
  - 
  - 
Conversion of Series A Preferred Stock to Common Stock
  (30,090)
  (3)
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  150,450 
  15 
  - 
  - 
  (12)
  - 
  - 
  - 
  - 
Common stock issued for services
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  765,000 
  77 
  - 
  - 
  378,446 
  - 
  - 
  - 
  378,523 
Stock-based compensation in connection with restricted common stock award grants
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  209,727 
  21 
  (68,750)
  (7)
  117,889 
  - 
  - 
  - 
  117,903 
Stock options granted for services
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  140,866 
  - 
  - 
  - 
  140,866 
Net Loss for the period
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
    
  - 
  (2,666,265)
  (155,819)
  (2,822,084)
Balance, March 31, 2020
  323,019 
  32 
  1,650,000 
  165 
  7,516,000 
  752 
  - 
  - 
  18 
  - 
  10,000 
  1 
  45,732,002 
  4,574 
  308,330 
  30 
  26,080,432 
  - 
  (23,589,946)
  (693,288)
  1,802,752 
 
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Common stock issued for private placement
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  2,500,000 
  250 
  - 
  - 
  249,750 
  - 
  - 
  - 
  250,000 
Common stock issued upon convesion of convertible debt and accrued interest
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  811,588 
  81 
  - 
  - 
  99,492 
  - 
  - 
  - 
  99,573 
Common stock issued in connection with forbearance agreement
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  500,000 
  50 
  - 
  - 
  89,950 
  - 
  - 
  - 
  90,000 
Stock-based compensation in connection with restricted common stock award grants
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  723,366 
  72 
  (20,830)
  (2)
  279,263 
  - 
  - 
  - 
  279,333 
Stock options granted for services
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  106,678 
  - 
  - 
  - 
  106,678 
Due from related parties reclassified to equity
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (127,500)
  - 
  - 
  (127,500)
Net Loss for the period
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (1,529,070)
  (154,624)
  (1,683,694)
Balance, June 30, 2020
  323,019 
 $32 
  1,650,000 
 $165 
  7,516,000 
 $752 
  - 
 $- 
  18 
 $- 
  10,000 
 $1 
  50,266,956 
 $5,027 
  287,500 
 $28 
 $26,905,565 
 $(127,500)
 $(25,119,016)
 $(847,912)
 $817,142 
 
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 
 
 
-4-
 
 

 
Preferred
Stock-
Series A
 
 
Preferred
Stock-
Series B-1
 
 
Preferred
Stock-
Series B-2
 
 
Preferred
Stock-
Series C
 
 
Preferred
Stock-
Series D
 
 
Preferred
Stock-
Series E
 
Common
Stock
 
Common
Stock -
Unissued
 
 
Paid in
 
 
Due from Related
 
 
Accumulated
 
 
 Non-controlling
 
 
 
 

 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Shares
 
 
 Amount
 
 
 Capital
 
 
Parties
 
 
 Deficit
 
 
 Interest
 
 
 Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (As Restated - see Note 14)
 
 
   
 (As Restated - see Note 14)  

 
Balance, December 31, 2018
  - 
 $- 
  2,800,000 
 $280 
  8,684,000 
 $868 
  1,733,334 
 $173 
  45 
 $1 
  - 
 $- 
  6,233,524 
 $623 
  - 
 $- 
 $7,111,445 
 $- 
 $(10,537,892)
 $- 
 $(3,424,502)
Preferred stock issued upon convesion of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
convertible debt
  849,360 
  84 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  849,276 
  - 
  - 
  - 
  849,360 
Preferred stock issued for private placement
  55,090 
  6 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  55,084 
  - 
  - 
  - 
  55,090 
Common stock issued for private placement
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  15,382,090 
  1,538 
  - 
  - 
  3,308,115 
  - 
  - 
  - 
  3,309,653 
Common Stock issued for Master Supply
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  8,385,691 
  839 
  - 
  - 
  (839)
  - 
  - 
  - 
  - 
Common stock issued for debt settlement
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  203,080 
  20 
  - 
  - 
  40,596 
  - 
  - 
  - 
  40,616 
Common stock issued for purchase of membership interest in subsidiary
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  937,500 
  94 
  - 
  - 
  989,906 
  - 
  - 
  - 
  990,000 
Conversion of Series A Preferred Stock to Common Stock
  (296,441)
  (30)
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  1,482,205 
  148 
  - 
  - 
  (118)
  - 
  - 
  - 
  - 
Conversion of Series B-1 Preferred Stock to Common Stock
  - 
  - 
  (400,000)
  (40)
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  50,000 
  5 
  - 
  - 
  35 
  - 
  - 
  - 
  - 
Conversion of Series B-2 Preferred Stock to Common Stock
  - 
  - 
  - 
  - 
  (1,000,000)
  (100)
  - 
  - 
  - 
  - 
  - 
  - 
  125,000 
  13 
  - 
  - 
  87 
  - 
  - 
  - 
  - 
Conversion of Series D Prefered Stock to Common Stock
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (4)
  (1)
  - 
  - 
  100,000 
  10 
  - 
  - 
  (9)
  - 
  - 
  - 
  - 
Common stock issued upon convesion of
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
convertible debt
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  250,000 
  25 
  - 
  - 
  195,975 
  - 
  - 
  - 
  196,000 
Stock warrants granted for services
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  1,114,062 
  - 
  - 
  - 
  1,114,062 
Stock options granted for services
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  891,799 
  - 
  - 
  - 
  891,799 
Deemed dividend on Preferred Stock
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  904,450 
  - 
  (904,450)
  - 
  - 
Net Loss for the period
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  (1,374,263)
  (35,604)
  (1,409,867)
 Balance, March 31, 2019
  608,009 
  60 
  2,400,000 
  240 
  7,684,000 
  768 
  1,733,334 
  173 
  41 
  - 
  - 
  - 
  33,149,090 
  3,315 
  - 
  - 
  15,459,864 
  - 
  (12,816,605)
  (35,604)
  2,612,211 
 
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Common stock issued and unissued for private placement
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  1,282,175 
  128 
  2,606,958 
  261 
  2,168,796 
  - 
  - 
  - 
  2,169,185 
Common stock unissued for services
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  20,000 
  2 
  19,498 
  - 
  - 
  - 
  19,500 
Common stock unissued for purchase of membership interest in subsidiary
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  503,298 
  50 
  449,950 
  - 
  - 
  - 
  450,000 
Stock options granted for services
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  -