Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 346,040 $ 444,612
Accounts receivable, less allowance for doubtful accounts of $774,841 and $17,000, respectively 3,056,213 206,679
Notes receivable 14,959 190,000
Lifeline revenue due from USAC 60,790 850,966
Customer phone supply 1,356,701
Prepaid expenses 96,883 10,862
Total current assets 3,574,885 3,059,820
Property and Equipment, less accumulated depreciation of $38,656 and $13,782, respectively 294,616 30,990
Intangible assets less accumulated amortization of $519,404 and $319,375, respectively 4,769,117 65,269
Goodwill 866,782 866,782
Investment in Centercom 203,700
Operating least right of use asset, net 210,816
Other long-term assets 66,457 61,457
Total assets 9,986,373 4,084,318
Current liabilities:    
Accounts payable and accrued expenses - others 3,637,577 3,104,234
Accounts payable and accrued expenses - related party 998,517 149,901
Credit card liability 449,158 394,840
Loss contingency 38,040 70,000
Deferred revenue 50,000
Derivative liability 190,846 51,058
Operating lease liability 90,944
Line of credit 912,870
Advance from related party 389,502
Notes payable and current portion of long-term debt, net 736,172 582,500
Total current liabilities 7,054,124 4,792,035
Long-term debt less current portion - related party 2,205,440 680,000
Operating lease liability - net 119,872
Trade payables - long term 869,868 600,516
Convertible promissory notes payable - net 4,436,684
Total liabilities 14,685,988 6,072,551
Commitments and contingencies  
Stockholders' deficit:    
Common stock: $0.001 par value; 500,000,000 shares authorized; 102,193,579 shares and 88,046,391 shares issued and outstanding at December 31, 2019 and 2018, respectively 102,193 88,047
Additional paid in capital 6,055,042 333,623
Accumulated deficit (10,870,572) (2,423,546)
Total stockholders' deficit (4,699,615) (1,988,233)
Total liabilities and stockholders' deficit 9,986,373 4,084,318
Series A Preferred [Member]    
Stockholders' deficit:    
Preferred stock, value 13,000 13,000
Total stockholders' deficit 13,000 13,000
Series C Convertible Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock, value 722 643
Total stockholders' deficit $ 722 $ 643