Guitammer Co

CIK:0001334126|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidated Statements Of Operations
Total revenue	$ 327,358	$ 406,631	$ 726,584	$ 1,288,225
Cost of goods sold	194,320	207,809	420,287	673,402
Gross profit	133,038	198,822	306,297	614,823
Operating expenses
General and administrative	269,766	331,289	784,604	1,219,852
Research and development	21,720	1,288	54,032	2,863
Total	291,486	332,577	838,636	1,222,715
Loss from operations	(158,448)	(133,755)	(532,339)	(607,892)
Other income (expense)
Investment Income from joint venture	5,180	8,770	19,726	34,836
Net Interest expense	(49,779)	(58,390)	(152,208)	(215,155)
Total	(44,599)	(49,620)	(132,482)	(180,319)
Loss before provision for income taxes	(203,047)	(183,375)	(664,821)	(788,211)
Provision for income taxes
Net loss	$ (203,047)	$ (183,375)	$ (664,821)	$ (788,211)
Basic and diluted loss per common share	$ (0.002)	$ (0.002)	$ (0.007)	$ (0.009)
Basic and diluted weighted average common shares outstanding	94,711,501	83,100,498	89,307,163	83,073,392

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net loss before dividends on preferred stock	$ (664,821)	$ (788,211)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and patent amortization	19,136	27,118
Amortization of deferred financing fees		20,050
Amortization of debt discount	52	7,249
Stock based compensation	65,800
Employee stock options	20,562	157,421
Stock and warrants issued for services		8,500
Investment income from joint venture	(18,999)	(34,836)
Loss on sale of assets
Change in fair value of warrant liability	1,724	(21,768)
Changes in assets and liabilities
Accounts receivable	23,782	(38,502)
Inventory, net	43,555	175,434
Prepaid expenses
Accounts payable and accrued expenses	46,568	90,445
Deferred revenue	19,553	(9,218)
Net cash used in operating activities	(443,088)	(406,318)
Cash flows from investing activities
Purchase of intangible assets		(3,890)
Proceeds on sale of property and equipment
Purchase of property and equipment
Net cash (used in) provided by investing activities		(3,890)
Cash flows from financing activities
Proceeds from options and warrants exercised	77,680
Proceeds from issued common stock	375,000
Proceeds from private offering of preferred stock		500,000
Proceeds from debt
Payment of debt	(10,774)	(70,075)
Net cash provided by financing activities	441,906	429,925
Net increase (decrease) in cash and cash equivalents	(1,182)	19,717
Cash and cash equivalents, beginning of period	12,305	16,185
Cash and cash equivalents, end of period	11,123	35,902
Supplemental disclosure of cash flow information
Cash paid during the period for Interest	32,023	75,888
Cash paid during the period for Income taxes
Supplemental disclosure of non-cash investing and financing activities
Accrued preferred stock diviends	30,028	16,329
Accrued interest converted to debt
Earned warrants in connection with joint venture		93,500
Issuance of common stock and warrants for professional services		8,500
Issuance of warrants for debt modification
Issuance of warrants for debt discount

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 11,123	$ 12,305
Accounts receivable, net	79,341	103,123
Inventory	94,333	137,888
Prepaid expenses and other current assets	131	131
Total current assets	184,928	253,447
Property and equipment, net	21,823	35,952
Other assets	20,660	25,666
Investment in joint venture	42,184	23,185
Total Assets	269,595	338,250
Current liabilities
Line of credit	39,523	39,523
Accounts payable	887,156	913,755
Accrued expenses	611,399	506,480
Deferred revenue	42,863	23,310
Current portion of long-term debt - related parties	954,529	954,476
Current portion of long-term debt - non-related parties	710,671	721,445
Total current liabilities	3,246,141	3,158,989
Long-term debt, net of current portion - related parties
Long-term debt, net of current portion - non related parties
Total Liabilites	3,246,141	3,158,989
Commitments
Stockholders' deficit
Common stock, par value of $.001, 200,000,000 shares authorized; 95,109,327 and 83,343,057 shares issued and outstanding at September 30, 2016 and December 2015, respectively	95,110	83,343
Preferred stock, par value of $.001, 1,000,000 shares authorized; 50,000 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	50	50
Additional paid-in capital	9,310,666	8,783,391
Accumulated deficit	(12,382,372)	(11,687,523)
Total Stockholders' deficit	(2,976,546)	(2,820,739)
Total Liabilities and Stockholders' deficit	$ 269,595	$ 338,250