FOREVERGREEN WORLDWIDE CORP

CIK:0001091983|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
TOTAL REVENUES, net	$ 10,158,516	$ 18,492,769
COST OF SALES, net	3,302,543	4,571,724
GROSS PROFIT	6,855,973	13,921,045
OPERATING EXPENSES
Sales and marketing	3,413,441	7,739,550
General and administrative	4,145,368	6,680,890
Depreciation and amortization	924,831	942,572
Total Operating Expenses	8,483,640	15,363,012
NET OPERATING LOSS	(1,627,667)	(1,441,967)
OTHER INCOME (EXPENSE)
Gain on settlement of debt	24,690
Loss on disposal of assets	(119,325)
Other income	74,994	137,493
Interest expense	(1,028,961)	(851,420)
Total Other Expense	(1,048,602)	(713,927)
Income Taxes	0	0
NET LOSS	$ (2,676,269)	$ (2,155,894)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.10)	$ (0.08)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBEROF COMMON SHARES OUTSTANDING	27,826,259	25,692,286
A summary of the components of other comprehensive loss for the fiscal years ended December 31, 2018 and 2017 is as follows:
Net Loss	$ (2,676,269)	$ (2,155,894)
Other Comprehensive Income - foreign currency translation	702,322	714,840
Comprehensive Loss	$ (1,973,947)	$ (1,441,054)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,676,269)	$ (2,155,894)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	924,831	942,572
Amortization of debt discount	377,906	260,213
Expenses paid on behalf of Company		345,000
Gain on extinguishment of debt	(24,690)
Loss on disposal of assets	119,325
Changes in operating assets and liabilities:
Accounts receivable	118,717	(44,741)
Prepaid expenses and other assets	75,884	27,028
Other receivables		149,153
Inventory	291,464	762,019
Accounts payable	(366,048)	(679,119)
Accounts payable - related party	132,625
Deferred revenue	216,193	(67,330)
Accrued expenses	297,357	(860,031)
Net Cash Used in Operating Activities	(512,705)	(1,321,130)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(175,651)
Net Cash Provided by (Used in) Investing Activities		(175,651)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on notes payable	(301,247)	(515,753)
Repayments on convertible notes payable	(75,126)	(116,460)
Proceeds from convertible notes payable	130,000	550,000
Proceeds from convertible notes payable, related parties		655,000
Proceeds from notes payable		35,000
Net Cash Provided by (Used in) Financing Activities	(246,373)	607,787
Effect of Foreign Currency on Cash	702,322	714,840
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(56,756)	(174,154)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	165,088	339,242
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	108,332	165,088
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	77,583	112,908
Cash paid for income taxes	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES
Beneficial conversion feature		734,603
Extinguishment of convertible notes payable		1,908,826
Extinguishment of convertible notes payable, related parties		$ 1,718,000
Retirement of treasury shares	1,000,000
Assignment of accrued interest to convertible notes payable	247,265
Conversion of convertible notes payable to common stock	317,000
Extinguishment of convertible notes payable to common stock	$ 675,000

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 80,996	$ 108,112
Restricted cash	27,336	56,976
Accounts receivable	96,728	215,445
Prepaid expenses and other assets	51,455	127,339
Inventory, net	427,311	718,775
Total Current Assets	683,826	1,226,647
PROPERTY AND EQUIPMENT, net	1,635,482	2,679,638
TOTAL ASSETS	2,319,308	3,906,285
CURRENT LIABILITIES
Accounts payable	1,813,048	2,179,096
Accounts payable, related parties	132,625
Accrued expenses	2,352,897	2,429,495
Deferred revenue	230,602	14,409
Current portion of notes payable		101,247
Current portion of convertible notes payable, related parties, net	3,079,216	963,577
Current portion of convertible notes payable, net	2,590,930	781,756
Total Current Liabilities	10,199,318	6,469,580
LONG-TERM DEBT
Notes payable, net of current portion	458,000	658,000
Convertible notes payable, related parties, net of current portion		1,718,000
Convertible notes payable, net of current portion	1,000,000	3,416,768
Total Long-term Liabilities	1,458,000	5,792,768
TOTAL LIABILITIES	11,657,318	12,262,348
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Preferred stock; no stated par value; authorized 10,000,000 shares; no shares issued and outstanding at December 31, 2018 and 2017, respectively
Common stock, par value $0.001 per share; authorized 100,000,000 shares; 30,779,786 issued and 25,692,286 were outstanding at December 31, 2018 and 2017, respectively	30,780	26,692
Additional paid-in capital	37,106,176	37,118,264
Treasury stock		(1,000,000)
Accumulated other comprehensive income	1,103,666	401,344
Accumulated deficit	(47,578,632)	(44,902,363)
Total Stockholders' Deficit	(9,338,010)	(8,356,063)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 2,319,308	$ 3,906,285