Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets (Unaudited)

v3.20.2
Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 298,754 $ 18,405 [1]
Accounts receivable, net 42,895 55,725 [1]
Accounts receivable - related party 107,660 18,860 [1]
Inventory 340,528 1,337,809 [1]
Prepaid expenses and other current assets - current 60,114 248,776 [1]
Prepaid expenses and other current assets - related party - current 622,159 622,160 [1]
Due from related parties 0 127,500 [1]
Total current assets 1,472,110 2,429,235 [1]
Other Assets:    
Deposits 0 80,000 [1]
Prepaid expenses and other current assets - long term 9,589 0 [1]
Prepaid expesnes and other current assets - related party - long-term 2,175,000 2,492,045 [1]
Property and equipment, net 405,775 477,433 [1]
Intangible assets, net 1,656,894 2,147,311 [1]
Operating lease right-of-use assets, net (see Note 7) 310,694 390,810 [1]
Total other assets 4,557,952 5,587,599 [1]
TOTAL ASSETS 6,030,062 8,016,834 [1]
Current Liabilities:    
Accounts payable 2,026,841 1,442,409 [1]
Accounts payable - related party 454,511 454,511 [1]
Accrued expenses 589,148 238,010 [1]
Unearned revenue -related party 0 215,000 [1]
Notes payable - current portion 90,755 0 [1]
Note payable - related parties 78,017 55,556 [1]
Subscription payable 250,000 250,000 [1]
Convertible notes, net of discounts 575,979 85,906 [1]
Derivative liability 468,387 880,410 [1]
Interest payable 39,332 16,677 [1]
Due to related party 84,500 0 [1]
Operating lease liabilities, current portion 178,541 169,869 [1]
Total current liabilities 4,836,011 3,808,348 [1]
Long Term Liabilities:    
Convertible notes payable 0 100,000 [1]
Notes payable - long-term portion 244,755 0 [1]
Operating lease liabilities, long-term portion (see Note 7) 132,154 220,942 [1]
Total long term liabilities 376,909 320,942 [1]
TOTAL LIABILITIES 5,212,920 4,129,290 [1]
Commitments and contingencies (see note 11) [1]
Equity (Deficit):    
Preferred stock [1]   0
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 [1]
Common stock to be issued (287,500 and 664,580 shares to be issued, respectively) 28 66 [1]
Additional paid-in capital 26,905,565 25,343,293 [1]
Due from related parties (127,500) 0 [1]
Accumulated deficit (25,119,016) (20,923,681) [1]
Total Exactus Inc. Stockholders' Equity (Deficit) 1,665,054 4,425,013 [1]
Non-controlling interest in subsidiary (847,912) (537,469) [1]
Total Equity (Deficit) 817,142 3,887,544 [1]
TOTAL LIABILITIES AND EQUITY (DEFICIT) 6,030,062 8,016,834 [1]
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
[1] As Restated - see Note 14