Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets (Unaudited)

v3.20.2
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 9,541 $ 18,405
Accounts receivable, net 273,493 55,725
Accounts receivable - related party 107,660 18,860
Inventory 397,098 1,337,809
Prepaid expenses and other current assets - current 123,760 248,776
Prepaid expenses and other current assets - related party - current 622,159 622,160
Due from related parties 127,500 127,500
Total current assets 1,661,211 2,429,235
Other Assets:    
Deposits 40,000 80,000
Prepaid expenses and other current assets - long term 15,959 0
Prepaid expesnes and other current assets - related party - long-term 2,333,523 2,492,045
Property and equipment, net 450,706 477,433
Intangible assets, net 1,901,061 2,147,311
Operating lease right-of-use assets, net (see Note 7) 2,056,366 2,173,253
Total other assets 6,797,615 7,370,042
TOTAL ASSETS 8,458,826 9,799,277
Current Liabilities:    
Accounts payable 2,001,201 1,442,409
Accounts payable - related party 454,511 454,511
Accrued expenses 769,159 358,010
Unearned revenue -related party 0 215,000
Note payable - related parties 78,017 55,556
Subscription payable 250,000 250,000
Convertible notes, net of discounts 402,214 85,906
Derivative liability 773,924 880,410
Interest payable 25,682 16,677
Due to related party 85,000 0
Operating lease liabilities, current portion 498,778 432,065
Total current liabilities 5,338,486 4,190,544
Long Term Liabilities:    
Convertible notes payable 0 100,000
Operating lease liabilities, long-term portion (see Note 7) 1,646,705 1,826,887
Total long term liabilities 1,646,705 1,926,887
TOTAL LIABILITIES 6,985,191 6,117,431
Commitments and contingencies (see note 10)
Equity (Deficit):    
Preferred stock 0 0
Common stock: 650,000,000 shares authorized; $0.0001 par value, 45,732,002 and 43,819,325 shares issued and outstanding, respectively 4,574 4,382
Common stock to be issued (308,330 and 664,580 shares to be issued, respectively) 30 66
Additional paid-in capital 26,080,432 25,343,293
Accumulated deficit (23,919,063) (21,129,379)
Total Exactus Inc. Stockholders' Equity (Deficit) 2,166,923 4,219,315
Non-controlling interest in subsidiary (693,288) (537,469)
Total Equity (Deficit) 1,473,635 3,681,846
TOTAL LIABILITIES AND EQUITY (DEFICIT) 8,458,826 9,799,277
Series A Preferred Stock    
Equity (Deficit):    
Preferred stock 32 35
Series B-1 Preferred Stock    
Equity (Deficit):    
Preferred stock 165 165
Series B-2 Preferred Stock    
Equity (Deficit):    
Preferred stock 752 752
Series C Preferred Stock    
Equity (Deficit):    
Preferred stock 0 0
Series D Preferred Stock    
Equity (Deficit):    
Preferred stock 0 0
Series E Preferred Stock    
Equity (Deficit):    
Preferred stock $ 1 $ 1