MEDISWIPE INC.

CIK:0001040850|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
REVENUES, NET		$ 3,339
COST OF REVENUE		61,168
Gross loss		(57,829)
OPERATING EXPENSES:
Professional fees	415,206	383,664
Compensation expense	5,123,623	208,365
General and administrative expenses	288,918	705,025
Total Operating Expenses	5,827,747	1,297,054
LOSS FROM OPERATIONS	(5,827,747)	(1,354,883)
OTHER INCOME (EXPENSE):
Interest expense	(2,824,298)	(2,724,307)
Derivative income	1,187,653	2,880,913
Loss on debt settlement	(72,871)	(58,759)
Realized loss on marketable securities	(7,822)
Impairment loss	(535,803)	(131,000)
Other income (expense)	35,000	(24,242)
Total Other Expense	(2,218,141)	(57,395)
NET LOSS	(8,045,888)	(1,412,278)
Other comprehensive gain (loss):
Unrealized gain (loss) on marketable securities		(33,159)
Comprehensive loss	$ (8,045,888)	$ (1,445,437)
NET LOSS PER COMMON SHARE:
Continuing operations - basic	$ (0.57)	$ (0.34)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	14,187,890	4,124,863

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS USED IN OPERATING ACTIVITIES
Net loss	$ (8,045,888)	$ (1,412,278)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	46,336	38,104
Stock-based compensation	5,081,166	120,450
Amortization of debt issuance cost	111,998	109,186
Amortization of debt discount	1,334,121	2,407,751
Derivative liability (income) expense	(1,187,653)	(2,880,811)
Non-cash default interest on convertible notes	1,163,135
Realized loss on marketable securities	7,822
Loss on debt extinguishment	72,871	58,759
Loss (gain) on legal settlement	(35,000)	24,242
Impairment loss	535,803	115,000
Change in operating assets and liabilities:
Prepaid expenses and other assets	(311,110)	41,510
Accounts payable and other liabilities	(125,569)	124,023
Other receivable	(96,033)	(6,432)
NET CASH USED IN OPERATING ACTIVITIES	(1,448,001)	(1,260,492)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, equipment and furniture	(34,515)	(34,323)
Purchase of notes receivable	(20,000)	(75,000)
NET CASH USED IN INVESTING ACTIVITIES	(54,515)	(109,323)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceed from convertible debt, net of fees and OID	1,394,500	925,000
Repayment of convertible debt		(178,058)
Repayment of non-convertible note payable		(30,000)
Proceeds from sale of common stock	15,000	425,000
Proceeds from convertible debt - related party	175,000
Repayment of convertible debt - related party	(27,136)
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,557,364	1,141,942
NET INCREASE (DECREASE) IN CASH	54,848	(227,873)
CASH, beginning of the period	77,016	304,889
CASH, end of the period	131,864	77,016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest		6,811
Cash paid during the period for income taxes
Non-cash investing and financing activities:
Stock issued for stock payable		2
Common stock issued on conversion of convertible debt and interest	398,719	1,006,260
Increase in derivative liabilities	1,546,230	2,130,851
Initial right-of-use asset and liability	310,259
Reduction in right-of-use asset and liability	70,957
Unrealized (loss) gain on marketable securities		(33,159)
Issuance of common stock for cashless warrant exercise		28
Reclassification of derivative liability to equity upon debt conversion	$ 499,128	$ 3,105,639

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash	$ 131,864	$ 77,016
Accounts receivable		1,990
Marketable Securities		8,703
Other receivable - related party	94,750
Prepaid expenses and other assets	4,000	28,000
Total Current Assets	230,614	115,709
OTHER ASSETS:
Notes receivable		170,000
Land	129,554	129,554
Property and equipment, net	141,258	153,079
Right-of-use asset, net	239,302
Other assets	825	825
Total Assets	741,553	569,167
CURRENT LIABILITIES:
Accounts payable	262,732	260,852
Accrued expenses and other liabilities	1,927,306	932,216
Due to related party	5,596	1,283
Deferred rent	24,916	24,916
Lease liability	162,506
Convertible notes payable, net	1,613,385	717,715
Convertible notes payable - related party	147,864
Derivative liabilities	1,420,681	1,561,232
Non-convertible notes payable	21,500	21,500
Total Current Liabilities	5,586,486	3,519,714
LONG-TERM LIABILITIES:
Lease payable - long-term	76,796
Total Liabilities	5,663,282	3,519,714
Commitments and contingencies
STOCKHOLDERS' DEFICIT:
Series B Preferred stock: $0.01 par value; 1,000,000 shares authorized; 1,000 issued and outstanding at December 31, 2019 and 2018	10	10
Common stock: $0.0001 par value; 1,499,000,000 shares authorized; 21,889,418 and 5,628,475 issued and outstanding at December 31, 2019 and 2018, respectively	2,189	563
Common stock issuable: 10,423,084 and 302,251 commons stock issuable at December 31, 2019 and 2018, respectively	1,042	30
Additional paid-in capital	30,111,273	24,047,027
Accumulated comprehensive gain (loss)		(7,822)
Accumulated deficit	(35,036,243)	(26,990,355)
Total Stockholders' Deficit	(4,921,729)	(2,950,547)
Total Liabilities and Stockholders' Deficit	$ 741,553	$ 569,167