PARALLAX HEALTH SCIENCES, INC.

CIK:0001388410|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Net Income (Loss) Available to Common Stockholders, Basic
Revenue	$ 128,600	$ 11,739
Cost of sales	16,827	20,339
Gross profit (loss)	111,773	(8,600)
General and administrative expenses	6,505,461	6,626,063
Operating loss	(6,393,688)	(6,634,663)
Other expenses
Gain on disposal of subsidiary	0	4,478,268
Gain (loss) on extinguishment of debt	(927,399)	22,858,009
Gain (loss) on fair value adjustments	194,511	(123,875)
Loss on settlements	(4,134,972)	0
Impairment losses	(1,002,276)	0
Discount amortization	(20,000)	(2,805,000)
Interest expense	(582,508)	(2,164,530)
Total other expenses	(6,472,644)	22,242,872
Net income (loss) - continuing operations	(12,866,332)	15,608,209
Net loss - discontinued operations	0	(824,398)
Net income (loss)	$ (12,866,332)	$ 14,783,811
Continuing operations	$ (0.064)	$ 0.105
Discontinued operations	0	(0.006)
Net income (loss) per common share - diluted
Continuing operations	(0.049)	0.072
Discontinued operations	$ 0	$ (0.004)
Weighted average common shares outstanding - basic	201,920,901	148,335,736
Weighted average common shares outstanding - diluted	261,528,105	215,576,153

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Cash flows from operating activities:
Net income (loss)	$ (12,866,332)	$ 15,608,209
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization	187,381	120,620
Stock compensation/stock option expense	2,782,426	3,513,710
Securities received in exchange for licenses sold	(50,000)	0
Discount amortization	24,791	2,805,000
Allowance for bad debt	0	236
Gain on disposal of subsidairy	0	(4,478,268)
Gain on extinguishment of debt	927,399	(22,858,009)
(Gain) loss on fair value adjustments	(194,511)	123,875
Loss on settlements	4,134,972	0
Impairment loss	1,002,276	0
Debt accretion	183,600	1,107,753
Changes in operating assets and liabilities:
Decrease in trade and other receivables	0	3,039
Increase in deposits	(7,800)	0
Increase in accounts payable and accrued expenses	45,790	1,980,979
Increase in royalties payable	7,165	0
Increase in related party payables	877,270	780,872
Net cash used by operating activities	(2.945573)	(1,291,984)
Cash flows from investing activities:
Purchase of professional equipment	(2,628)	0
Net cash used by investing activities	(2,628)	0
Cash flows from financing activities:
Lease payments	(71,200)	0
Proceeds from notes and loans payable	330,000	0
Repayment of notes and loans payable	(150,379)	(9,245)
Proceeds from convertible notes payable	1,592,280	825,000
Repayment of convertible notes payable	(398,580)	(50,000)
Proceeds from issuance of debentures	0	225,000
Repayment of debentures	(754,369)	0
Proceeds from issuance of preferred shares	69,000	300,000
Proceeds from issuance of common shares	2,337,632	41,250
Net cash provided by financing activities	2,954,384	1,332,005
Net cash provided by continuing operations	6,183	40,021
Cash flows from discontinued operations:
Net cash used by operating activities	0	(39,942)
Net cash used by discontinued operations	0	(39,942)
Net increase in cash	6,183	79
Cash - beginning of period	262	183
Cash - end of period	6,445	262
NON-CASH ACTIVITIES
Discounts on long-term liabilities	24,791	2,805,000
Beneficial conversion feature of convertible promissory notes	0	347,487
Fair value of stock warrants	57,000	1,393
Embedded conversion option of convertible promissory notes	30,620	60,350
Intrinsic value of beneficial conversion feature upon extinguishment of debt	0	375,100
Dividends paid in kind on preferred stock returned to treasury	58,232	0
Conversion of preferred stock to common stock	69,000	0
Cancellation of preferred stock for debt settlement	100,000	0
Conversion of accounts payable to convertible note payable	20,000	0
Conversion of accounts payable to related party convertible note payable	20,000	0
Conversion of accounts payable to related party debentures	0	128,132
Conversion of accounts payable into common stock	200,000	0
Conversion of related party payables to preferred stock	0	450,000
Conversion of related party payable to common stock	753,510	0
Conversion of related party convertible notes payable to common stock	$ 369,815	$ 0
Conversion of convertible notes payable into common stock	135,443	675,614
Conversion of convertible notes payable to debentures	$ 0	$ 755,627
Conversion of convertible debentures to common stock	785,479	0
Conversion of related party convertible note payable to non-related party convertible note payable	0	576,154
Conversion of related party payables to non-related party payables	0	42,356
Issuance of common stock for investment	1,000,000	0
Securities received in exchange for license fee	50,000	0
Interest paid:
Continuing operations	470,101	185,937
Discontinued operations	0	106
Income taxes paid	$ 0	$ 0

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 6,445	$ 262
Operating lease asset	52,176	0
Total current assets	58,621	262
Investments	50,000	0
Goodwill	785,060	785,060
Intangible assets, net	458,415	579,035
Deposit Assets	7,800	0
TOTAL ASSETS	1,359,896	1,364,357
Current liabilities
Accounts payable and accrued expenses	2,082,978	2,655,138
Operating lease liability	52,176	0
Settlements payable, net of unamortized discount	2,824,200	0
Derivative liability, short-term	62,800	23,925
Debentures, convertible	0	724,903
Debentures, convertible, related party	0	411,006
Notes payable	345,000	0
Note payable, bank	18,616	0
Note payable, related party	126,152	0
Notes payable, convertible, net of unamortized discount	1,102,364	296,000
Related party payables	1,108,480	1,004,720
Total current liabilities	7,722,766	5,115,692
Long-term liabilities
Settlements payable, net of unamortized discount	1,240,000	0
License fees payable, net of unamortized discount	442,000	430,000
Royalties payable	325,165	310,000
Derivative liability, long-term	0	34,000
Debentures, convertible, net of unamortized discount	0	184,870
Note payable, bank	0	28,995
Note payable, related party	633,294	0
Notes payable, convertible	760,154	720,154
Notes payable, related party, convertible	491,100	491,100
Total long-term liabilities	3,891,713	2,199,119
Total liabilities	11,614,479	7,314,811
Stockholders' deficit
Preferred stock, $.001 par, 10,000,000 shares authorized,	978	1,014
Common stock, $.001 par, 500,000,000 shares authorized,	250,124	158,113
Additional paid in capital - preferred	1,599,036	1,699,000
Additional paid in capital - common	19,952,533	11,382,341
Accumulated deficit	(32,057,254)	(19,190,922)
Total stockholders' deficit	(10,254,583)	(5,950,454)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,359,896	$ 1,364,357